Information sheet Basic information about the protection of your eligible deposits Eligible deposits in Paragon Bank are protected by: the Financial Services Compensation Scheme (“FSCS”)1 FSCS cover is not available to policyholders with claims against firms that do not have the relevant UK or EEA passport authorisation to bring them within the scope of FSCS cover. You can check your broker or fund manager using the FCA’s search engine. This protection only applies when a provider fails and cannot return your money to you. This website uses cookies. Joint accounts will be protected up to a maximum of £170,000. However, the Financial Services Compensation Scheme (FSCS) can compensate you up to £85,000 if you’ve a claim against Moneybox and Moneybox has failed. In response to changes to European data regulation known as GDPR, the FSCS privacy notice has been updated. Download this leaflet for more information, or visit fscs.org.uk. Who is covered by the FSCS? Eligibility criteria apply, but we generally protect individuals and most businesses. You could be entitled to compensation of up to £85,000. IS: Is the level of cover the same as for an individual? Thanks to the near-collapse of some of Britain's biggest banks in 2008, the Government beefed up the Financial Services Compensation Scheme (FSCS), the state-supported safety net for savers.. Today, the FSCS guarantees 100% of the first £85,000 of savings per person per banking licence (including interest). Vanguard is covered by the Financial Services Compensation Scheme (FSCS). It is the body which gives you automatic protection of your savings up to £85,000 if your bank, building society or credit union goes out of business – and you’ll normally get your money back within seven days. The FSCS is funded by levies on firms authorised by the Prudential Regulation Authority and the Financial Conduct Authority. COMP 4.2.1 R 01/04/2018. So it’s always worth checking that the firm has an FCA or PRA authorisation number. It follows on from the disclosure requirements and uses icons of protection to engage with the consumers and highlight the safety FSCS provides to savings and deposits. You don’t need to do anything – FSCS will compensate you automatically. By using the FSCS website, you consent to the use of cookies in accordance with our cookie policy. The UK regulators, the Financial Conduct Authority and the Prudential Regulation Authority, set the financial compensation limits and compensation rules. The FSCS describes this as being “in default”. Please see below for further information. This protection only applies when a provider fails and cannot return your money to you. The maximum amount of compensation available depends on the type of … For more information visit www.fscs.org.uk. On 14 January 2013 FSCS launched a consumer awareness programme, aiming to reassure consumers and boost confidence, thereby aiding financial stability. Between 2001 and 2006 the scheme paid out close to 1 billion pounds in compensation. What is the FSCS scheme? up to £85,000 per eligible person, per bank, building society or credit union. Email: claims@fscs.org.uk More information: www.fscs.org.uk Additional Information 1 Scheme responsible for the protection of your eligible deposit Your eligible deposit is covered by a statutory Deposit Guarantee Scheme. In the period from 2006 to 2011 the financial crisis resulted in compensation of over 26 billion pounds being paid out by the FSCS. As a licensed UK bank, the savings you have with us are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000, even if you have savings elsewhere. A company must be authorisedfor compensation to apply. FSCS is committed to ensuring the security of your personal information and to giving you control over how your data is used. The amount of savings protected by the FSCS should a financial firm collapse is now £85,000. You can change your browser settings to disable cookies at any time but if you do so, parts of the FSCS site may not function properly. Currently, SIPPs are covered by the FSCS up to a value of £85,000. Please visit https://www.fscs… Any deposits you hold above the limit are unlikely to be covered. If you have any questions, our UK-based Customer Service Team will be happy to help you. We protect certain qualifying temporary high balances up to £1 million for up to twelve months from when the amount was first deposited. Your eligible deposits with Family Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered. There’s all kinds of lullaby small print out there that may say the company is regulated by the FCA, but a company can be regulated for many different types of activity. Your money with Marcus by Goldman Sachs is covered by the FSCS and this document tells you how it … Who is covered by the FSCS? Depending on the circumstances of your case, if we make any recoveries, we may be able to pay some of these recoveries to you. What is the Financial Services Compensation Scheme? Caroline Rainbird, Chief Executive Officer (From 4th May 2019), This page was last edited on 24 September 2020, at 09:05. Claims arising from the death or incapacity of the policyholder due to injury, sickness or infirmity. For investment and pension providers, you are protected for up to … Yes. If deposits or savings are in a joint account the total of FSCS protection doubles to £170,000. Set up as a result of the Financial Services and Markets Act 2000 the FSCS is an independent body that serves customers of UK authorised financial services firms. 'Although Cynergy is less well-known, the FSCS cover is in place and is the same level of cover available for money deposited with the high street banks. of the first £2,000, per eligible person per firm, then, Small business, limited companies, charities, If the firm/adviser failed after 1 Apr 2019, If it failed between 3 Jul 2015 - 7 October 2020, situations where you may be able to claim compensation if an insurance broker/financial adviser helped you buy your policy. Which firms are covered by the FSCS? On 31 August 2012 UK authorised banks, building societies and credit unions were required to display information about FSCS protection in branch and online, this included posters and window stickers. In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. This website uses cookies. ... Investments are also covered by the FSCS, up to a limit of £50,000. FSCS cover does not apply if the non-PACL fund manager were to be ‘in default’. As Vanquis Bank is independent of any other UK bank and building societies your savings with Vanquis Bank are eligible for the full FSCS protection. Most UK savers are eligible for FSCS deposit protection as the number of people with more than £85,000 in one savings account is low. Whereas the Financial Services Compensation Scheme (FSCS) protect accounts by compensating customers up to £85,000 if financial firms like banks fail. The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations. This action followed the introduction of new Financial Services Authority (FSA) rules obliging deposit takers to display information about FSCS protection available to consumers. COMP 4.2.1 R 01/04/2018. 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