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.
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):
If each of the banks is covered by a single authorisation:
From 3 July 2015, the FSCS will provide a £1 million protection limit for temporary high balances held with your bank, building society or credit union if it fails. Read our Q&As about temporary high balances for more information.
All deposit claims of UK customers will be paid out in UK Pounds Sterling.
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.
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.
The Financial Conduct Authority website includes a searchable database of all firms authorised and regulated by the FCA and the Prudential Regulation Authority (PRA).