Fscs Protection

2021年11月13日
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This website uses cookies. By using the FSCS website, you consent to the use of cookies in accordance with our cookie policy. You can change your browser settings to disable cookies at any time but if you do so, parts of the FSCS site may not function properly. FSCS is committed to ensuring the security of your personal information and to giving you control over how your data is used. In response to changes to European data regulation known as GDPR, the FSCS privacy notice has been updated. This website uses cookies. By using the FSCS website, you consent to the use of cookies in accordance with our cookie policy. You can change your browser settings to disable cookies at any time but if you do so, parts of the FSCS site may not function properly. FSCS is committed to ensuring the security of your personal information and to giving you control over how your data is used. In response to changes to European data regulation known as GDPR, the FSCS privacy notice has been updated. This website uses cookies. By using the FSCS website, you consent to the use of cookies in accordance with our cookie policy. You can change your browser settings to disable cookies at any time but if you do so, parts of the FSCS site may not function properly. FSCS is committed to ensuring the security of your personal information and to giving you control over how your data is used. In response to changes to European data regulation known as GDPR, the FSCS privacy notice has been updated.
Your eligible deposit is covered by a statutory Deposit Guarantee Scheme. If insolvency of your bank, building society or credit union should occur, your eligible deposits would be repaid up to £85,000 by the Deposit Guarantee Scheme. About FSCS FSCS is here to protect your money. It is the body which gives you automatic protection up to £85,000 if your bank, building society or credit union goes out of business; and you’ll normally get your money back within seven days. FSCS is funded by the financial services industry and is free to. FSCS protection for UK-based customers of UK authorised firms will not change as a result of the UK leaving the European Union (EU). In most cases existing FSCS protection will continue, including after the Brexit transition period ends at 11pm GMT on 31 December 2020. The FSCS - Financial Services Compensation Scheme. The Financial Services Compensation Scheme (FSCS) is the compensation fund of last resort for customers of authorised financial services firms. If a firm is in default or ceases trading the FSCS may be able to pay compensation to its customers.
By Rachel Mortimer
The Financial Services Compensation Scheme has extended its protection for consumers with temporary deposits of up to £1m amid concerns surrounding access to banking services in the aftermath of the coronavirus crisis.
Later this week the financial lifeboat body will temporality increase the length of time for which it will protect temporary high balances of up to £1m from six to 12 months.
The protection will apply in scenarios where deposit-takers fail handling temporary balances such as funds deposited in preparation for buying a main residence, those paid in relation to a divorce, redundancy payout or compensation when someone dies.
The extension will only apply to deposit-takers which fail after August 6, when the extra protection comes into force.
Caroline Rainbird, chief executive at the FSCS, said: ’The coronavirus pandemic has been very worrying for everyone, and people are understandably concerned about the possibility of losing their temporary high balance should their deposit taker fail.
’The temporary extension of FSCS’s protection from six to 12 months will do much to reassure them should the worst happen during these uncertain times.’
The FSCS said the move comes in response to the impact of Covid-19 on the residential property and investment markets, with some consumers facing reduced access to banking services.Fscs Protection Meaning
Where a deposit-taker fails after August 6 the extension will apply to both new and existing temporary high balances received.
Funds deposited into an account with an authorised UK bank, building society or credit union in February 2020 - with the six-month coverage due initially to end in August 2020 - will now be protected until February 2021.
The levy which funds the FSCS has hit the headlines in recent weeks, with some advisers warning its increasing bill could force them to increase their fees in an attempt to balance the books.
It comes amid frequent concerns raised by the industry that the current levy set-up means the ’polluter’ often fails to pay for consumer compensation, with firms remaining in the industry left to pick up the bill.
rachel.mortimer@ft.comFscs Deposit Protection Scheme
What do you think about the issues raised by this story? Email us on fa.letters@ft.com to let us know.
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