The Financial Services Compensation Scheme (FSCS) is the UK’s compensation fund of last resort for customers of authorised financial services firms.

The FSCS may pay compensation if a firm is unable, or likely to be unable, to pay claims against it. This is usually because it has stopped trading or has been declared in default.

Your cash savings are FSCS protected if:

  • You have less than £85,000 of savings
  • Your savings are with banks, building societies or credit unions which are authorised by the Prudential Regulation Authority (PRA)

Your cash savings might not be FSCS protected if:

  • You have savings with banks, building societies or credit unions which are not authorised by the PRA
  • You have more than £85,000 in an account or more than £170,000 in a joint account
  • You have more than £85,000 (or £170,000 in joint accounts) split across banks, building societies and credit unions which share a banking authorisation

See the FSCS website for further information at: www.fscs.org.uk

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