What we cover
Here you can find the FSCS compensation limits for each financial product we protect. The UK regulators, the Financial Conduct Authority and the Prudential Regulation Authority, set the financial compensation limits and compensation rules.
Read our eligibility rules for information about which types of claim are eligible for compensation.
Banks, building societies and credit unions
If the firm failed after 1 January 2017
If you hold money with a UK-authorised bank, building society or credit union that fails, we’ll automatically compensate you:
- up to £85,000 per eligible person, per bank, building society or credit union.
Joint accounts are eligible for FSCS protection up to the same limit of £85,000 per eligible person. We also protect certain qualifying temporary high balances up to £1 million for six months from when the amount was first deposited.
You don’t need to do anything – FSCS will compensate you automatically.
See more details and frequently asked questions on our banks, building societies and credit unions protection page.
Check how much of your money is protected by using our bank & savings protection checker.
Debt management
If the firm failed after 1 April 2019
If you hold money with a debt management firm that fails, we may be able to compensate you:
- up to £85,000 per eligible person, per firm.
You don’t need to do anything – FSCS will compensate you automatically.
If the firm failed between 1 April 2018 and 31 March 2019
- up to £50,000 per eligible person, per firm.
See more on our debt management protection page.
Funeral plans
If you have a funeral plan and your provider has gone out of business on or after 29 July 2022, you may be FSCS protected. This includes funeral plans bought before this date.
- For all types of funeral plan claims, you are protected up to £85,000 per eligible person, per firm.
See more details and frequently asked questions on our funeral plan protection page.
Insurance
If the firm failed after 8 October 2020
If you bought your insurance policy from an insurance firm that’s failed, the kind of insurance you have and when the firm failed will affect how much compensation you could claim.
- 100% protected: Compulsory insurance, Long-term insurance, Professional indemnity insurance, Claims arising from the death or incapacity of the policyholder due to injury, sickness or infirmity, Building guarantee policies
- 90% protected: All other kinds of insurance
See more details on our insurance protection page.
If the firm failed between 3 July 2015 and 7 October 2020
If you bought your insurance policy from an insurance firm that’s failed, the kind of insurance you have and when the firm failed will affect how much compensation you could claim.
- 100% protected: Compulsory insurance, Long-term insurance, Professional indemnity insurance, Claims arising from the death or incapacity of the policyholder due to injury, sickness or infirmity
- 90% protected: All other kinds of insurance
If the firm failed between 1 January 2010 and 2 July 2015
- 100% protected: Compulsory insurance
- 90% protected: All other kinds of insurance
If the firm failed between 1 December 2001 and 31 December 2009
- 100% protected: Compulsory insurance
- 100% protected for the first £2k then 90% of the remainder: All other kinds of insurance
See more details on our insurance protection page.
Insurance brokers or financial advisors
The kind of insurance you have will affect how much compensation you could claim. See some examples of situations where you may be able to claim compensation if an insurance broker/financial adviser helped you buy your policy.
- 100% protected: Compulsory general insurance
- 90% protected: All other general insurance
See more details on our insurance protection page.
Investments
If the firm failed after 1 April 2019
- We may be able to compensate you if you've a valid claim against a firm that has failed - up to £85,000 per eligible person, per firm.
If the firm failed between 1 January 2010 and 31 March 2019
- up to £50,000 per eligible person, per firm.
If the firm failed before 1 January 2010
- 100% of the first £30,000 and 90% of the next £20,000 up to £48,000 per eligible person, per firm.
See more on our investments protection page.
Mortgages
If the firm failed after 1 April 2019
- up to £85,000 per eligible person, per firm.
If the firm failed between 1 January 2010 and 31 March 2019
- up to £50,000 per eligible person, per firm.
If the firm failed before 1 January 2010
- 100% of the first £30,000 and 90% of the next £20,000 up to £48,000 per eligible person, per firm.
See more on our mortgage protection page.
Payment protection insurance (PPI)
If the firm failed after 1 January 2010
- You could claim compensation if you bought a PPI policy and the information you were given was misleading or insufficient, and that firm has since failed - 90% of the total claim.
You would claim against the firm that advised you to take out the policy, not the firm you had the policy with. For more details see our PPI protection page.
Does the August 2019 PPI deadline apply to FSCS claims?
If the firm failed before 1 January 2010
- 100% of the first £2,000, per eligible person per firm, then 90% of the remainder.
Pensions
After 1 April 2019
- If your pension provider fails
100% of your claim, with no upper limit. - If your SIPP operator fails
Up to £85,000 per eligible person, per firm. - Bad pension advice
If you’ve received bad advice in relation to your pension, you could be eligible to claim compensation - up to £85,000 per eligible person, per firm.
See more on our pensions protection page.
Between 3 July 2015 and 31 March 2019
- If your pension provider failed
100% of your claim, with no upper limit. - If your SIPP operator failed
Up to £50,000 per eligible person, per firm. - Bad pension advice
If you’ve received bad advice in relation to your pension, you could be eligible to claim compensation - up to £50,000 per eligible person, per firm.
Between 1 January 2010 and 2 July 2015
- If your pension provider failed
90% of your claim, with no upper limit. - If your SIPP operator failed
up to £50,000 per eligible person, per firm. - Bad pension advice
If you’ve received bad advice in relation to your pension, you could be eligible to claim compensation - up to £50,000 per eligible person, per firm.
See more on on pensions protection page.
Mutual Societies and Friendly Societies
FSCS can only protect claims against mutuals and friendly societies that are regulated by the PRA and/or the FCA, and where the firm was carrying out a regulated activity for the customer. You can check if your mutual or friendly society is regulated by the PRA and/or the FCA on the FCA's register.
Some mutuals and friendly societies carry out regulated activities under the Financial Services and Markets Act 2000 (FSMA) that might be protected by FSCS, such as deposit-taking (e.g. credit unions and building societies), investments, and insurance.
Other mutuals and friendly societies only carry out unregulated activities that will not be protected by FSCS, such as housing associations, sports/social/working men’s clubs, NHS foundations, and co-operative schools.
If we are able to protect claims against mutuals or friendly societies, the requirements and the level of protection will depend on the type of regulated activity the firm was carrying out for you.
For example, if it was carrying out deposit-taking, then our deposit limit of £85,000 per depositor would apply (see above). Whereas if the firm was providing life insurance, or a savings product structured as a long-term contract of insurance, then our insurance limit would apply (i.e. 100% of the amount due under the long-term contract of insurance) (see above).
Your legal rights and FSCS compensation
If you have a successful claim, FSCS will pay compensation up to the limit that applies. When you accept this payment, you transfer your legal rights against the firm and any other relevant party to FSCS. We explain this as part of the application process.
This means you can no longer claim against the firm or any other relevant party. FSCS will pursue recoveries against them. Depending on the circumstances of your case, if we make any recoveries, we may be able to pay some of these recoveries to you. FSCS makes recoveries for the benefit of its levypayers or compensated claimants.
If your claim is rejected, or until you accept our compensation, you are free to pursue the firm or any third party yourself - FSCS will not do so on your behalf.