7. Balance

7.1 Is the 'Account balance' field in the SCV file the actual balance on the account in total or the share applicable to the Customer that is used to determine the amount eligible for consideration for compensation?

  • The account balance figure should represent the relevant proportion of an account balance. For example, if Customer A and Customer B have a joint account with a balance of £10,000, the ‘account balance’ field would be £5,000 in each SCV record, and the account holder indicator would be ‘002’

7.2 How do deposit takers calculate the compensatable balance for term accounts that would normally be payable at a later date?

  • If a protected deposit was not due and payable on or before the default date the deposit taker must calculate compensation comprising:

1. the principal sum on the basis that it is due and payable on that date;

2. interest or premium accrued to that date; and

3. unaccrued interest or premium attributable to or arising in respect of the period to that date.

Also see question 4.11 and 3.18

7.3 How should balances be treated for joint accounts?

  • Where a customer has a joint account with another customer, the balance should be split equally (i.e. 50:50, unless there is satisfactory evidence to the contrary, such as the account’s terms and conditions) in accordance with COMP 12.6.10R.

For example:

  1. Customer 1 and Customer 2 have a joint account that is to be split equally;
  2. The joint account has a balance of £1,000;
  3. Customer 1 and Customer 2 will be allocated a balance of £500 each; and
  4. The figure used to calculate the ‘compensatable’ balance should be £500 for each customer


The Financial Conduct Authority website includes a searchable database of all firms authorised and regulated by the FCA and the Prudential Regulation Authority (PRA).


The Financial Ombudsman Service is the official independent expert in settling complaints between consumers and financial businesses

Jargon Buster

  • Eligible

    qualifying for compensation under Scheme rules.