EEA top-ups

For a list of EEA firms that have topped up, please visit our EEA Top-Ups page which details this.

Firms who may be interested in topping-up into the FSCS should refer to COMP14 for further information.

Rule 14.2.5

Rule 14.2.5 states: "The FSCS must put in place and publish procedures to enable an appeal by an incoming EEA firm against a rejection by the FSCS of an election to receive top-up cover or a decision to allocate an incoming EEA firm, once the firm’s election has been accepted, to a particular contribution group.  Such procedures must satisfy the minimum requirements of procedural fairness and comply with the European Convention on Human Rights."


Under the rules of FSCS, an incoming EEA firm may obtain “top up cover” by making an application to FSCS.  The requirements to be satisfied are set out in Rule 14.2.3.  If an application is accepted, under Rule 14.2.4, FSCS “must allocate the incoming EEA firm to the contribution group (or groups) which seems to the FSCS to be most appropriate, taking into account the nature of the business for which the incoming EEA firm is seeking cover from the Compensation Scheme”.


  1. The application by an incoming EEA firm (“the applicant”) must be made in writing and by either the UK office of the EEA firm, or the head office in its home state.  The applicant is responsible for taking all steps to satisfy the criteria set out in Rule 14.2.3.  In particular, the applicant must provide details of the home state compensation scheme. 
  2. FSCS may seek to verify the information received from the applicant with sources in the applicant’s home state, including the home state regulator and compensation scheme. 
  3. If FSCS is of the view that the conditions for obtaining top up cover are satisfied, it may postpone notifying the applicant of acceptance of the application until it has decided the contribution group or groups to which the applicant should be allocated.  FSCS may write to the applicant to request further information, clarification or explanation to assist its decision on the allocation of the applicant to a contribution group or groups, in which case, the allocation will not be completed until that request has been satisfied.
  4. If following receipt and review of the application, and any supporting information, FSCS is of the view that the applicant may not have satisfied the relevant conditions for obtaining top up cover, FSCS may write to the applicant to request further information or clarification or explanation.
  5. If FSCS is of the view that the conditions for obtaining top up cover are not satisfied, or that the conditions are satisfied and it has allocated the applicant to a contribution group or groups, FSCS will write to the applicant setting out its decision with reasons, and allowing a period of at least 28 days in which to respond.
  6. If the applicant wishes to challenge the decision of the FSCS, the applicant must write to FSCS within that period setting out the challenge to the rejection or the allocation to a contribution group or groups with detailed reasons.  The Chief Executive may extend the time period in which the applicant may challenge the decision of the FSCS (to such period as considered appropriate).
  7. Following receipt of the applicant’s written submission setting out the basis of the challenge to the decision of FSCS, FSCS will review the matter in the light of the applicant’s submissions and will write to the applicant to notify the applicant whether FSCS decision is affirmed, varied, or withdrawn. 
  8. The applicant will have a further period of at least 28 days from the date of writing (at paragraph 7) above (such period to be extended by the Chief Executive at her discretion) to accept or challenge FSCS’ decision. 
  9. If the applicant objects to the affirmed or varied decision of FSCS, the applicant is to set out in writing its objections to the decision of FSCS, on receipt of which FSCS will consider whether to meet with the applicant, interview the applicant, or arrange an oral hearing.  The process of an oral hearing will be determined at that time, if possible with the agreement of the applicant, save that it is to be attended by the Chief Executive of FSCS and at least one non-executive director, and the applicant will be entitled (but not required) to legal (or other) representation.  The process should be flexible and informal.  The issues to be determined at the oral hearing will be limited to those identified by the applicant in its written submissions and which relate to facts which are material to the decision.
  10. Following the meeting or interview or oral hearing, FSCS will confirm its decision to the applicant and provide written reasons. 
  11. If the incoming EEA firm persists in its objection to the decision of FSCS, its further recourse will be to the courts.

Jargon Buster


European Economic Area.


Financial Services Authority, was previously the UK's regulator for the finance industry. It was replaced by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) on 1 April 2013.