Financial Services Compensation Scheme

Description: A financial compensation scheme in the event of the failure of authorised firms. Covers insurance companies, ... more

Financial Services Compensation Scheme ... deposit-takers and investment firms.

Newest Review: ... when in reality it should have been simple. The Icelandics had guaranteed the first £16,000, the British insured the rest, up ... more

... to £50,000. Perhaps it would be simpler to claim from a fully UK protected company? Anyway, the FSCS did operate a fairly efficient operation. First of all was the 'accelerated' payment system. This, in essense meant that you could log into your account online and make the claim there. Now, don't get your hopes up too much since the website was run and operated by the Newcastle Building Society. If it had been run by IceSave/Landsbanki staff, this accelerated system may not have been able to happen. They chos...more

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Financial Services Compensation Scheme: An almost perfect UK government run service? You don't hear ... (926 words)
by - written on 15/04/09 (Very useful, 86 readings)
Rating:

The FSCS (Financial Services Compensation Scheme) is a goverment run system which compensates people when certain financial systems fail. These include banks which is what I claimed against. I have been told that they also insure against insurance company failures. The service is funded by charges to the organisations that benefit from the cover. A bank account is insured to a maximum of £50,000 however there are some anomolies in this. My bank, IceSave collapsed in the beginning of October 2008. Although they had only been operating in the UK for a couple of years, their parent bank Lansbankinn had been operating for 123 years. IceSave ... Read the complete review

Super Service for Cash Crunched Savers (1683 words)
by - written on 16/01/09 (Very useful, 293 readings)
Rating:

The Financial Services Compensation Scheme (FSCS) may seem like an odd choice of services to review, given that it is hardly something the consumer has any real choice over using if they are unfortunate enough to want to reclaim funds from a collapsed bank. The FSCS, for those unfamiliar with it, is the UK's statutory fund of last resort for customers of authorised financial services schemes - this means it can pay compensation if the company is unable (or is likely to be unable) to pay out on claims made against it and no one else is able to do so either. Given the fears of the current economic climate, then I thought it would be worthwhile to share my experiences of ... Read the complete review

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