If you have an account with a bank or building society that becomes insolvent you will be contacted by the liquidator or by the FSCS.
What is the position for people who have multiple accounts with banks or building societies that are subsidiaries of another bank or building society?
We have received some enquiries about how we would apply the compensation limits to people who hold multiple accounts in banks that are part of a larger group. If each of the banks is separately authorised by the Prudential Regulation Authority (PRA):
- The FSCS would pay compensation up to the limit of £85,000 per person, per authorised bank or building society.
If each of the banks is covered by a single authorisation:
- FSCS would pay compensation up to a total limit of £85,000 once. This limit will be for the total of all the accounts you have with the different bank brands under the authorisation.
All claims will be paid out in UK Pounds Sterling.
How do you find out if you are covered?
We cover firms authorised by the the PRA. A list of the banks authorised by the PRA can be found on the PRA's website. If a UK bank is not on this list, it is likely to fall under a group authorisation. If you have a question about how a bank or building society is authorised, please check the list on the PRA's website or contact the PRA on 020 7601 4878.
We may also be able to help if you have an account with a UK branch of a bank incorporated in another European Economic Area (EEA) state.
You might also find our Questions and Answers section helpful.
Claims before 1 December 2001
Slightly different rules apply if you have a claim against a deposit-taking firm that was insolvent or declared in default before the FSCS became operational (1 December 2001). The claim is covered by the rules governing the Deposit Protection Scheme, which existed before that date, although we will handle your claim. Compensation limits and eligibility may differ.