Payments in connection with the following could be categorised as temporary high balances:
Sums paid to the depositor in respect of:
Deposits over £85,000 are protected up to six months from when the amount was first credited or from the moment a qualifying deposit became legally transferrable. Temporary means that the deposit must have been credited to the account (or become legally transferable if that is later) no more than six months before the firm goes into default.
For most categories the limit is up to £1 million per depositor per life event, although we provide unlimited cover for personal injury claims.
The FSCS deals with claims against authorised firms (those regulated by the UK regulators, the FCA and PRA) that are unable, or likely to be unable, to pay claims against them. If you have a temporary high balance with an authorised deposit-taking firm that has failed you may be entitled to compensation. If you think you may have a temporary high balance claim please contact us for more information and to request an application form.
If you would like to make a temporary high balance claim please contact us for more information and to request an application form.
The protection of temporary high balances is a requirement under the Deposit Guarantee Schemes Directive (DGSD). This standardises the protection of money held in banks, building societies and credit unions across the EU.
FSCS may ask for documentary evidence including (but not limited to) the following:
This list is not exhaustive and the evidence required will depend on the life event categorised your individual circumstances.
No, FSCS will not automatically contact you. If you think you may be eligible to make a temporary high balance claim, please contact us for more information and to request an application form.
Within three months from the firm’s date of default, provided FSCS is in receipt of all the supporting evidence.
Deposit Guarantee Schemes Directive