When did FSCS coverage begin?

Important dates

For investment claims: If your claim relates to business conducted before 28 August 1988 we are unlikely to be able to help you, as there was no investor compensation scheme in the UK before this date.

For home finance (e.g. mortgage) advice and arranging: If your claim relates to business conducted before 31 October 2004 we are unlikely to be able to help you, as these activities were not protected by the FSCS before this date.

For claims relating to insurance intermediaries: If your claim relates to business conducted before 14 January 2005 we are unlikely to be able to help you, as these activities were not protected by the FSCS before this date.

For all claims before 1 December 2001: Slightly different rules apply if you have a claim against a firm that was insolvent or declared in default before the FSCS became operational (1 December 2001). In this case the claim would be covered by the rules governing the previous scheme (see below), although we will still handle your claim. Compensation limits and eligibility rules may differ.

Previous compensation schemes

  • The Deposit Protection Scheme
  • The Policyholders Protection Scheme
  • The Investors Compensation Scheme

Previous regulators

The FSCS can only consider claims against firms that were authorised by the UK regulator at the time the advice was given. The UK's regulators are the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). They replaced previous regulators, including:

  • The Financial Services Authority
  • The Personal Investment Authority
  • The Securities and Investment Board
  • The Financial Intermediaries, Managers and Brokers Regulatory Authority (FIMBRA)
  • The Life Assurance and Unit Trust Regulatory Organisation (LAUTRO)
  • The Securities and Futures Authority

The FCA

The Financial Conduct Authority website includes a searchable database of all firms authorised and regulated by the FCA and the Prudential Regulation Authority (PRA).

The FOS

The Financial Ombudsman Service is the official independent expert in settling complaints between consumers and financial businesses

Jargon Buster

  • FCA

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

  • FIMBRA

    Financial Intermediaries, Managers and Brokers Regulatory Association (replaced by the PIA).
  • In default

    A firm unable, or likely to be unable to pay claims against it. This will generally be because it has stopped trading and has insufficient assets to meet claims, or is in insolvency.
  • Investment

    a financial product in which money can be invested to earn interest or profit (although the value of investments can go down as well as up).
  • LAUTRO

    Life Assurance and Unit Trust Regulatory Organisation (replaced by the PIA).