You may be able to make a claim for compensation against a financial firm if the firm has stopped trading and is not in a position to pay your claim themselves.
If you hold a deposit (e.g. money) with an authorised bank, credit union or building society that has gone out of business, you don’t need to do anything. We will automatically compensate you for your deposit up to our compensation limits.
If your claim relates to other products we cover, you will need to complete an application form. We will then investigate whether you have a valid claim against the firm and tell you if we can pay you compensation.
What to expect when making a claim with FSCS
- Making first contact
We talk to you about your issue, and whether you could have a claim through FSCS against a company that has gone out of business. Sometimes we will have to investigate the firm to find out if they might still be able to pay your claim themselves.
- Completing the application
You can make a claim using the FSCS online claim service or by calling us to ask for a paper application form. If you’re eligible to claim, we ask you to supply us with the information and documents to support your claim. We may ask you to clarify things, or supply more information. You can do this all online.
- Investigating the claim
We investigate your claim and keep you updated. We may contact you or a product provider to ask for more information. At the end of the investigation, we’ll decide whether you have a valid claim and if our rules allow us to pay you compensation. The investigation can take up to six months (three months for payment protection insurance claims). Occasionally, it can take longer.
- Getting the decision
We let you know whether your claim has been successful and whether you will receive compensation.
- Dealing with any issues
We work through any issues to do with the result of your claim, and answer any questions you may have.