Your claim

To be able to claim compensation with us you must be eligible under the FSCS compensation rules, which are set by the UK financial services regulators: the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). These rules tell us which types of claim are eligible for FSCS compensation.

You could claim compensation with us if you meet all the following criteria:

  1. The financial services firm you did business with has failed and is unable to return your money itself (the company is ‘in default’).
  2. The FCA or PRA authorised the firm under the Financial Services and Markets Act 2000 to carry out regulated activities at the time you did business with it.
  3. The firm owes you a civil liability (e.g. negligence) in connection with a regulated activity that we cover (e.g. advising on designated investments).
  4. You have suffered actual financial loss as a result; and
  5. You’re a private individual (although some businesses and charities may be eligible, depending on the type of claim).

The FCA and PRA also place limits on the amount of compensation we can pay. How much you’re eligible to claim back will depend on where your money was held. Visit our compensation limits page to see our current limits with a detailed breakdown for each product we cover.

On 26 March 2021, FCA issued a statement announcing an update to the methodology used to calculate redress due in cases where it has been deemed the advice was unsuitable for defined benefit pension transfer. The changes do not impact any defined contribution pension transfer claims.

  • The update in methodology applies to the application of the Consumer Price Index (CPI) in calculating pension increases when determining if a loss has been incurred as a result of transferring pension benefits.
  • We are currently liaising with our pension calculation software provider to implement these changes.
  • In line with the FCA announcement, we will be re-visiting affected claims which were calculated from 1 January 2021. If your claim is one of those affected, you will receive a decision letter with an uplifted compensation award (if applicable) in due course. The FCA has confirmed that there is no requirement to re-visit claims that were calculated prior to 1 January 2021.
  • No completion date has been set to re-visit these claims.
  • Claims that have already received the maximum compensation award will not be re-visited.

For more information, please visit the FCA website.