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FSCS Information Sheet and Exclusion List
Always check that the financial services firm you are dealing with is authorised
There are four main ways to check that a firm
is authorised:
1. Check the documents the firm gave you –
they often show a Firm Reference Number
(FRN) or authorisation number.
2. Check the firm’s website – the FRN or
authorisation number is often in the ‘legal
information’ section.
3. Call the firm and ask for their FRN or
authorisation number (which is supplied
to them by the FCA or PRA).
4. Use the Financial Services Register at
www.fca.org.uk/register, which has details
of every financial services firm authorised
to do business in the UK.
1. Deposits
FSCS protects your deposits, whether you’re an individual or a company. A deposit is money in accounts such as current and savings accounts, including cash ISAs. If your bank, building society or credit union fails, we may be able to pay compensation.
There are two important points to remember about the deposit compensation limit.
- The limit applies to individuals and companies, not accounts. This means that for joint accounts the limit applies to each named account holder. So, for example, if you have a joint account with your spouse or partner, and no other accounts of your own with that firm, you will each receive up to £85,000 under the deposit limit. So FSCS would protect up to £170,000 of savings in a joint account.
- The limit applies per authorised firm. This is important
because sometimes a firm operates more than one
brand under the same FRN or authorisation number.
This means individuals with accounts held under
different brands with a firm operating under one
FRN or authorisation number will only be entitled
to a total of £85,000, regardless of the number of
accounts held.
You should therefore check:
1. whether you hold deposits with a bank or building
society that shares an FRN or authorisation number
with another brand of that firm, and
2. whether your total dep
Example
If you have a current account with “Bank X” and savings with “Bank Y” and they share one FRN or authorisation number, they are classed as a single firm for the purposes of compensation. This means your limit for compensation is £85,000 in total, shared across “Bank X” and “Bank Y”
How to find out if your bank or building society is part of a larger banking group
Your bank or building society should provide this information to you at least annually on your printed statement or electronically. There are three other ways to check: 1. Ask your bank or building society whether it trades under different brands with a single FRN or authorisation number. 2. Visit FSCS’s website to check whether the bank or building society brands you have money with share a banking authorisation and whether all your savings are protected: www.fscs.org.uk/protected. 3. Use the Financial Services Register at www.fca.org.uk/register to look up your banks’ and building societies’ FRN or authorisation numbers. If any numbers are the same, they share a banking authorisation so one limit applies.
Temporary high balances
FSCS also protects certain types of deposits above £85,000 held by individuals. We protect certain “temporary high balances” up to £1,000,000 for a period of six months. (For deposit taker failures on or after 6 August 2020, this protection is extended to 12 months from the date of deposit. Temporary high balance protection reverts back to six months for amounts credited on or after 1 February 2021.) These are exceptional and short-lived deposits which result from certain major life events.
- Money deposited in preparation for buying a
property, the proceeds of sale of a property or
proceeds from releasing equity in a property.
This applies only to your main residence and
excludes buy-to-let properties or holiday homes.
General savings for a property do not qualify
• Money paid in relation to a marriage or civil
partnership or a divorce or dissolution of a
civil partnership
• A redundancy payout (whether voluntary
or compulsory)
• Compensation paid for unfair dismissal
• Benefits paid in respect of a disability or incapacity*
• Compensation paid for personal injury*
• Benefits paid under an insurance policy
• Compensation for a wrongful conviction
• Benefits paid on retirement
• Benefits payable on death
• Compensation in respect of a person’s death
• A legacy from the estate of a deceased person or
money held on behalf of a deceased person for the
purpose of administering their estate.
* There is no limit to the compensation payable for
deposits relating to personal injury or disability or
incapacity claims.
2. Insurance policies
FSCS can pay compensation if your insurance provider fails and cannot pay valid claims under your policy or return your premiums. The types of policies we cover include motor, home, pet, travel and payment protection insurance (PPI). We also cover long-term insurance products such as life insurance or pensions – while pensions and annuities are often thought of as investment products, in reality they are usually long-term insurance contracts. We do not cover credit, marine, aviation or transport business insurance.
3. Insurance broking
FSCS can pay compensation if: • you were mis-sold an insurance policy and lost money and that firm failed, or • you were a victim of fraud, and the broker who sold you the policy has gone out of business and cannot return your premiums or money owed to you. • The types of policies we cover include motor, home, pet, travel, payment protection insurance (PPI) and other general insurances
4. Investment business
FSCS can pay compensation if the firm concerned has failed and cannot return your investments or money owed, and you lose money because of: • bad or misleading investment advice • negligent management of investments • misrepresentation, or • fraud. We do not pay compensation if your investment does not perform as well as you hoped.
5. Mortgage (home finance) advice or broking
FSCS may be able to help if a firm has advised you to enter into a mortgage agreement that was not suitable for you, and you lost money as a result. If the firm goes out of business and cannot pay back the money it owes you, we can pay compensation. Whilst we cover the advice, we do not cover the lending or administration costs on the mortgage itself
6. Debt management
If you hold money with a debt management company that failed after 1 April 2018, FSCS may be able to pay you compensation. But your debt management claim must meet all of the following criteria: • The firm must have failed on or after 1 April 2018. • The firm must be authorised by the Financial Conduct Authority (FCA) and hold client money. • The firm must have received or held the money through a UK branch in connection with the regulated activities of debt counselling or debt adjusting. • The client money reconciliation process must show a shortfall in the amount of client money the firm held for you. • The firm (or its principals) must be unable to meet claims for compensation. • You must be eligible under FSCS rules. Money that a firm holds under a debt management plan may be covered, but FSCS does not protect money that a debtor pays under an individual voluntary arrangement arranged by insolvency partners (which are not regulated by the FCA) or debt advice.
Who can claim compensation?
In general, individuals and small companies can claim compensation from us. In the case of deposits, large companies are also able to claim compensation, although some exclusions may apply. For general insurance, all policyholders are eligible to claim on the compulsory element of the protected insurance. Otherwise, small companies must have an annual turnover of less than £1m to be eligible to claim compensation
How long would it take to get my money back?
In most cases, for deposits, FSCS aims to pay compensation within seven days of a bank, building society or credit union failing. We will pay any remaining deposit claims, which are likely to be more complex, within 15 working days. For general insurance, we aim to make a payment within 14 working days of agreement of the claim. For payment protection insurance (PPI) claims, FSCS aims to decide claims within three months. For all other financial services products, we aim to resolve claims within six months.
This leaflet explains how FSCS protects your money.
For specific information about how this applies to your individual circumstances you should speak to your financial services provider(s) or advisor. If you would like more information about FSCS, including how to make a claim, please visit our website at