Compensation limits

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. 

Banks & building societies

Banks, building societies & credit unions

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.
  • up to £170,000 for joint accounts.

We protect certain qualifying temporary high balances up to £1 million for up to six months from when the amount was first deposited.

You don’t need to do anything – FSCS will compensate you automatically.

Debt management

Debt management

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.

  • up to £50,000 per eligible person, per firm.

Home finance

Mortgage & endowment advice

We may be able to compensate you for mortgage advice you received after 31 October 2004 and endowments you were mis-sold after 28 August 1988, if you’ve lost money as a result, and the advisor has since failed.

  • up to £85,000 per eligible person, per firm.

 

  • up to £50,000 per eligible person, per firm.

 

  • 100% of the first £30,000 and 90% of the next £20,000 up to £48,000 per eligible person, per firm.

 

Insurance

Insurance firms

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

100% protected: 

Compulsory insurance

100% protected for the first £2k then 90% of the remainder:

All other kinds of insurance

Insurance

Insurance brokers

 

If you bought your insurance policy through an insurance broker that’s failed, 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 helped you buy your policy.

100% protected:

Compulsory general insurance

90% protected:

All other general insurance

Investments

Investments

We may be able to compensate you if you've a protected claim against a firm that has failed.

  • up to £85,000 per eligible person, per firm.

 

  • up to £50,000 per eligible person, per firm.

 

  • 100% of the first £30,000 and 90% of the next £20,000 up to £48,000 per eligible person, per firm.

 

PPI

Payment protection insurance

 

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.

 

  • 100% of the first £2,000, per eligible person per firm, then 90% of the remainder.

 

Pensions

Pensions

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.

 

If your pension provider fails
  • 100% of your claim, with no upper limit.

 

If your SIPP operator fails
  • 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.

 

If your pension provider fails
  • 90% of your claim, with no upper limit.

 

If your SIPP operator fails
  • 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.

 

info

Read our eligibility rules for information about which types of claim are eligible for compensation.

 

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.