To be able to claim compensation with us you must be eligible under the FSCS compensation rules, which are set by the UK financial services regulators: the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). These rules tell us which types of claim are eligible for FSCS compensation.
You could claim compensation with us if you meet all the following criteria:
- The financial services firm you did business with has failed and is unable to return your money itself (the company is ‘in default’).
- The FCA or PRA authorised the firm at the time you did business with it.
- You have suffered actual financial loss.
- You’re a private individual (although some businesses and charities may be eligible, depending on the type of claim).
The FCA and PRA also place limits on the amount of compensation we can pay. How much you’re eligible to claim back will depend on where your money was held. For banks, building societies and credits unions, you could claim back up to £85,000. Some insurance policies are protected up to 100%. Visit our compensation limits page to see a detailed breakdown of how much compensation we can pay for each product we cover.
When you claim online with FSCS, we can tell you straight away if you’re eligible to claim with us.