The FSCS covers business conducted by firms authorised by the UK regulators, the FCA and PRA. European firms (authorised by their home state regulator) that operate in the UK may also be covered.

We were set up mainly to assist private individuals, although small businesses are also covered. Large businesses are generally excluded, although there are some exceptions to this for deposit and insurance claims.

The FSCS protects the following:

• Insurance, including PPI
• Credit Unions
• Pensions (retirement savings, including SIPPs)
• Home Finance (including mortgage advice)
• Investments
• Banks and Building Societies
• Endowments
• Debt management
• PPI
• Our Eligibility Rules and Limitations

There are limits to what the FSCS can do and to the amounts of compensation we can pay.

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. But 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.