Questions and Answers

Here are some frequently asked questions about the FSCS.  If you can't find the information you require here, you may want to ask us a question of your own.

What is the Financial Services Compensation Scheme (FSCS)?

Where does FSCS fit in?

How can I find out if a firm is a 'member' of the FSCS?

What if I have a complaint against a firm that is still trading?

How do you decide whether you can help me?

Do I have to pay anything to have my claim considered by the FSCS?

How long will it take?

Why is there a limit to the compensation available from the FSCS?

Does compensation cover any guarantees I was given?

What happens if the firm I am claiming against was insolvent or declared in default before the FSCS took over responsibility for compensation (1 December 2001)?

The firm I dealt with is no longer trading, but the FSCS says it cannot help me. Why?

Jargon Buster

  • Eligible

    qualifying for compensation under Scheme rules.
  • FCA

    The Financial Conduct Authority is the UK's regulator for the financial services industry. 

  • FOS

    Financial Ombudsman Service, for complaints or claims against firms that are still trading.
  • FSA

    Financial Services Authority, was previously the UK's regulator for the finance industry. It was replaced by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) on 1 April 2013.
  • FSMA

    Financial Services and Markets Act 2000, an Act of Parliament governing the regulation and provision of financial products, product providers and financial advisers.