Saving Compensation in Banks and Building Societies
From 7th October 2008 all savings are to covered up to £50,000.
For joint accounts this will rise to £100,000 per institution.
You do have to be careful due to mergers some institutions are owned
by the same banking group and you are only covered once per group. The
complication doesn't end there, our understanding is that within certain
banking group the banks have separate licenses with the FSA so you would
be paid out twice.
Click here to find out Who Owns Who
Financial Services Compensation Scheme (FSCS).
The amount of compensation the FSCS will give you depends on the type of business and the circumstances of the claim, but the maximum compensation limits are shown below.
Investments: £48,000 for each person
100% of the first £30,000 and 90% of the next £20,000
Mortgages: £48,000 for each person (for advice given or insurance arranged on or after 31 October 2004)
100% of the first £30,000 and 90% of the next £20,000
Long-term insurance (for example, pensions and life assurance): unlimited
100% of the first £2000 plus 90% of the claim that is left over. There is no limit to the amount of compensation you could receive.
General insurance: unlimited (for advice given or insurance arranged on or after 14 January 2005)
100% of the first £2000 plus 90% of the claim that is left over. Compulsory insurance is protected in full. There is no limit to the amount of compensation you could receive.
Monetary Solutions is an appointed representative of Burns-Anderson
Ltd,
which is authorised and regulated by the Financial Services Authority.
Burns-Anderson Ltd is entered on the FSA register (www.fsa.gov.uk/register) under reference 126191
The information and content of this website is intended for UK consumers only and is subject to the UK regulatory regime.
The FSA do not regulate some forms of mortgage.