FSCS - Financial Services Compensation Scheme

How to check you’re covered

The Financial Services Compensation Scheme (FSCS) is the official body that can pay you compensation if your financial services provider fails – known as being ‘in default’. In simple terms, that means we can pay you compensation if your financial services provider or advisor goes into default and you lose money as a result.

Limits apply to how much compensation we may be able to pay, and those limits vary between different types of financial products. For us to pay you compensation, your provider must be authorised by the Financial Conduct Authority (FCA).

The FSCS is an independent body set up by government under the Financial Services and Markets Act 2000. Financial services providers fund the FSCS and the compensation we pay.

This simple three-step guide explains the protection that the FSCS can provide for your money, and what limits apply to the compensation we can pay. It’s good to check that your money is covered now so that you know in advance what would happen in the unlikely event that something goes wrong with your financial services provider. Some examples of financial services providers are banks, building societies, credit unions, insurance providers and independent financial advisors.

The information in this guide provides a broad overview of the scope of FSCS’s protection. You should still talk to your financial services provider(s) or advisor to discuss FSCS coverage in relation to your specific products and services.

Click on the signs to the left to check you’re covered.