Financial Services Compensation Scheme
Click here to download details of the Financial Services Compensation Scheme.
By following the above link, you will be taken to our leaflet which details the scheme, what it covers and who is protected under the scheme.
The details below are for the benefit of our corporate investors, who are not covered by our leaflet, and clarifies the elgibility criteria used in determining whether savings deposits made by corporate investors are covered under the Financial Service Compensation Scheme (FSCS).
Accounts Held by Corporate Bodies
Deposits not covered under the FSCS include:-
- large companies, partnerships and mutual associations
- Local, provincial or municipal authorities
- Credit organisations including overseas financial services institutions
- Government organisations
- Pension and Retirement Funds or trustees of such funds
Some organisations are covered under the scheme, and we write to corporate investors on an annual basis to confirm elgibility. The criteria is as follows (covered by FSCS if at least two apply):-
- Turnover of not more than £6.5m in the previous two years
- Total balance sheet size of not more than £3.26m in the previous two years
- No more than 50 employees in the past two years
Some organisations such as club partnerships (not LLP) and charities are covered if their net assets are not more than £1.4m.
For further information relating to the Financial Services Compensation Scheme, please visit www.fscs.org.uk.
