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The Financial Services Compensation Scheme (FSCS) is a UK-based organization that provides protection to customers of authorized financial services firms in the event of their failure. The FSCS was established under the Financial Services and Markets Act 2000, and it is funded by levies on financial services firms that are authorized by the Financial Conduct Authority (FCA) or Prudential Regulation Authority (PRA).
The FSCS provides compensation to eligible customers of failed financial services firms, up to a maximum limit of £85,000 per person per firm. This means that if you have money invested with an authorized financial services firm that fails, you could be entitled to compensation from the FSCS.
The FSCS covers a wide range of financial products and services, including bank accounts, savings accounts, investments, insurance policies and mortgage advice. It also covers certain types of business finance.
To be eligible for compensation from the FSCS, you must have been a customer of an authorized financial services firm at the time it failed. You must also have lost money as a result of its failure.
If you think you may be eligible for compensation from the FSCS, there are several steps you can take. Firstly, check whether your financial services provider is authorized by either the FCA or PRA. If they are not authorized by either regulator then they will not be covered by the scheme.
If your provider is covered by one or both regulators then check whether they are still trading or if they have gone into administration. If your provider has gone into administration then contact them directly to find out what steps need to be taken next.
If your provider is still trading but experiencing difficulties then contact them directly to discuss any concerns you may have about their ability to meet their obligations under any agreements with you.
In addition to providing compensation in cases where an authorised firm has failed financially; The FSCS also works closely with other regulatory bodies such as The Financial Ombudsman Service (FOS), which handles complaints against regulated businesses in relation to consumer credit activities; and The Pensions Ombudsman which deals with complaints relating specifically pensions schemes
Overall; The Financial Services Compensation Scheme plays an important role in protecting consumers who use authorised UK-based financial service providers against potential losses due company failures within this sector . By providing peace-of-mind through its coverage limits up-to £85k per person per firm , it helps ensure confidence remains high within this industry whilst promoting responsible behaviour amongst those operating within it .
fscs.org.uk
