FSCS open and fully operational

COVID-19 – FSCS update for customers

By Giles Denny
09 April 2020 FSCS news

We’re keen to reassure everyone that we’re operating our normal service during the COVID-19 situation. Helping everyone who needs us is still our top priority and we’ve put several measures in place to ensure we can still support you.

You can still claim with us directly like you normally would and there aren’t any changes to how long it’s taking us to process claims. Our staff are set up to work from home and we’ve trained more of them to answer your queries via webchat while our phone lines are extra busy (find the webchat button on the bottom-right of this page). We’re supporting our staff with flexible working and other measures to maintain their wellbeing, so they can continue to support you.

If a claims management company (CMC) is making a claim on your behalf, we’ve adapted our service slightly in response to the COVID-19 situation. As you can’t meet with your CMC to sign the documents, they can now sign the application form on your behalf (they must attach written confirmation from you to say you’re happy for them to do so).

COVID-19 scams

Unfortunately, some coronavirus-related scams have emerged. These scams cover a range of products, including pensions, insurance policies and investments, such as bonds, that promise to ‘beat the coronavirus’. These websites use the FSCS logo to appear as though they’re legitimate, when they aren’t.

One clue that the website is a scam is if it uses a phrase like ‘FSCS regulated’. FSCS does not ‘regulate’ products as we aren’t a regulator. Errors like this are a giveaway that you shouldn’t trust the website. Never buy any product without first checking that FSCS legitimately protects it.

Read about other scams involving FSCS in the past and advice on how to avoid them.

The Financial Conduct Authority has some useful advice on how to avoid coronavirus scams and how to stay aware of any potential coronavirus-related impact on your finances.

UK Finance has published lots of helpful information about how your bank or other finance provider can support you, whether you’re an individual or a business.

Claims Q&As

  1. Is FSCS continuing to review my claim for compensation?
    We are continuing to review and issue decisions on claims.

  2. In the light of the Coronavirus, will it take FSCS longer to review my claim?
    We are continuing to deliver our usual claims service in the usual timescales.

  3. In the light of the Coronavirus, will FSCS pay me my compensation in the usual way?
    We are continuing to make compensation payments in the usual way.

See the status of your claim or check our compensation limits.