Beware of investments offering high returns. Only invest if you’re prepared, and can afford, to lose all your money. Find out what you need to know before investing. Both the provider and the product or service need to be regulated for you to be protected.
Your eligible deposit is covered by a statutory Deposit Guarantee Scheme. If insolvency of your bank, building society or credit union should occur, your eligible deposits would be repaid up to £85,000 by the Deposit Guarantee Scheme. LIST OF BANKING AND SAVINGS BRANDS PROTECTED BY THE SAME FSCS COVERAGE COMPILED BY THE BANK OF ENGLAND AS AT 05 DECEMBER 2019 Banking and Savings Brand PRA-authorised institution FRN Other deposit brands covered by FSCS coverage 512956 AA Savings. 512956 Post Office Money 512956 Bank of Ireland (UK) Plc 512956 Bank of Ireland (UK).
If you have an investment with a firm that’s failed, you might be eligible to claim compensation with FSCS.
To qualify, there are some conditions that need to be met:
- The investment provider or adviser needs to have been authorised by the Prudential Regulation Authority or the Financial Conduct Authority to carry out a type of regulated activity that FSCS can protect - check this on the FCA register.
- The firm should no longer have enough funds to meet your compensation claim.
- If your claim is about negligent advice, the advice must have been given on or after 28 August 1988, the firm must have been authorised at the time, and you must have lost money after acting on the advice you were given.
- You must be owed a civil liability in relation to the regulated activity (e.g. the advice was negligent). We do not cover poor investment performance.
- If a firm fails holding client money or assets in connection with a type of regulated activity that FSCS can cover, we can compensate if there is a shortfall in your client money/assets.
- The activity and product must have been regulated.
- You must be an eligible claimant. Generally, individuals and small businesses are eligible.
Fscs Protection For Isas
Read about our rules for small businesses, ltd companies and charities regarding investment claims.
We may be able to compensate you if you've a protected claim against a firm that has failed.
- up to £85,000 per eligible person, per firm.
- 100% of the first £30,000 and 90% of the next £20,000 up to £48,000 per eligible person, per firm.
Find recently failed investment companies by typing a name into the search box on the Find firms page.
See how long investment claims typically take to process.
FSCS protects temporary high balances in your bank account, building society account or credit union account of up to £1million for 6 months. The protection begins from the date the temporary high balance is credited to an individual depositor's account, or to a client's account on an individual's behalf. This date may be earlier than the date the temporary high balance was credited to your account with the failed firm. You don't need to tell us if you have a balance higher than £85,000.
FSCS cannot confirm the eligibility of a particular temporary high balance unless/until a bank or building society actually fails. This is because we’d need to review all of the available evidence to check that there was a sufficient connection between the relevant life event and the sums in the depositor’s account.
Certain life events could have caused a temporary high balance in your bank account, including:
- Real estate transactions (property purchase, sale proceeds, equity release - relating to your main residence only. This does not have to be a UK property but must relate to your main residence).
- Benefits payable under an insurance policy.
- Personal injury compensation (unlimited amount).
- Disability or incapacity (state benefits).
- Claim for compensation for wrongful conviction.
- Claim for compensation for unfair dismissal.
- Redundancy (voluntary or compulsory).
- Marriage or civil partnership.
- Divorce or dissolution of their civil partnership.
- Benefits payable on retirement.
- Benefits payable on death.
- A claim for compensation in respect of a person's death.
- Inheritance.
- Proceeds of a deceased's estate held by their personal representative.
To prove you've held a temporary high balance we may ask for proof, which could include (but not be limited to) the following:
- A property sale receipt or agreement.
- A court judgement.
- A will.
- A letter from an insurer regarding an insurance payout.
- A letter from a lawyer, conveyancer, mortgage provider, former employer, pension trustees.
- Court orders.
- Social security statements.
- Probate/letters of administration.
- Death/marriage certificate.
- Land register and HMRC records.
Fscs Deposit Protection Scheme
Uk Bank Deposit Insurance
This list is not exhaustive and the evidence required will depend on the life event of your individual circumstances. If you provide the relevant supporting evidence, we'll pay you compensation within three months.