Tag: Financial Services Compensation Scheme

Banks to publicise protection schemes for savers

Banks to publicise protection schemes for savers

Banks, building societies and credit unions will have to display information in branches, clearly telling customers how much of their savings are covered by a compensation scheme. Savings in UK banks and some foreign banks are covered by the Financial Services Compensation Scheme (FSCS). The scheme covers savings up to the value of £85,000. It […]

May 28, 2012 More
FSCS reassures Santander customers

FSCS reassures Santander customers

The Financial Services Compensation Scheme (FSCS) will protect depositors in Santander, the scheme’s chief executive, Mark Neale, said. Deposits up to the value of £85,000 are protected by the scheme and savers with more than this amount should distribute the money across different banks and building societies, to ensure that the total amount is protected. […]

May 21, 2012 More
FSA fines Santander £1.5m over compensation scheme

FSA fines Santander £1.5m over compensation scheme

The Financial Services Authority (FSA) has fined Santander £1.5m for failing to explain to customers that some of its investment products were not covered by the Financial Services Compensation Scheme (FSCS). The FSCS is a financial safety net which pays compensation to customers of financial services firms authorised by the FSA, if the firm itself […]

February 20, 2012 More
Banks to display deposit protection signs

Banks to display deposit protection signs

The Financial Services Authority (FSA) is introducing new rules which will require banks and building societies to display clear signs at branches and on their websites, telling customers their savings are protected. The sign will tell savers: “Your deposits are protected up to £85,000 by the Financial Services Compensation Scheme, the UK deposit protection scheme. […]

December 15, 2011 More
Northern Rock sale won’t affect compensation

Northern Rock sale won’t affect compensation

Savers with money in both Northern Rock and Virgin Money will not be disadvantaged by Virgin’s takeover of the Newcastle-based bank if either of the banks collapses. Both Virgin Money and Northern Rock will keep separate banking licences following the £747 million deal, which is expected to be rubber-stamped in January. This means that the […]

November 18, 2011 More
Norwich and Peterborough to repay £57m to Keydata investors

Norwich and Peterborough to repay £57m to Keydata investors

The Norwich and Peterborough Building Society (N&P) is to repay £57 million in compensation to customers who were sold its Keydata product. N&P sold Keydata products from 2005 but it was placed into administration in 2009, with 30,000 UK investors facing the loss of £450 million. The collapse of Keydata represents the largest investment failure […]

March 23, 2011 More
Compensation for savers increases from £50,000 to £85,000

Compensation for savers increases from £50,000 to £85,000

The Financial Services Compensation Scheme (FSCS), the body established to compensate victims of banking failures, will now reimburse up to £85,000 per saver if a bank collapses, up from the £50,000 limit previously agreed. It is hoped the new limit, which is paid for by the UK financial services industry, will avert customer panic if […]

January 2, 2011 More
Northern Rock savers lose 100% guarantee

Northern Rock savers lose 100% guarantee

Savers with Northern Rock have today lost the 100% guarantee on their cash. The move, which was announced back in February, means the crisis-torn bank is back in line with its rivals but savers will still benefit from the £50,000 guarantee to all savers under the Financial Services Compensation Scheme (FSCS). The 100% guarantee was […]

May 24, 2010 More
Northern Rock savers to lose 100% guarantee

Northern Rock savers to lose 100% guarantee

The Treasury has today announced savers with Northern Rock will lose the Government’s 100% guarantee on 24 May. The move means the crisis-torn bank is back in line with its rivals but savers will still benefit from the £50,000 guarantee to all savers under the Financial Services Compensation Scheme (FSCS). The 100% guarantee was put […]

February 24, 2010 More
FSCS pays £21bn to protect UK savers

FSCS pays £21bn to protect UK savers

The Financial Services Compensation Scheme (FSCS) has revealed a staggering £21 billion has been paid out to UK savers in the six months after the onset of the credit crisis. This compares with £1 billion in the seven years prior to the credit crisis. The FSCS, which is the body established to compensate victims of […]

Nationwide Building Society hit by bad debts

Nationwide Building Society hit by bad debts

The UK’s largest building society, Nationwide, has reported a 69% fall in pre-tax profits to £212 million for the 12 months to April 4, compared with £686 million the same period a year ago. Meanwhile, the building society slammed the Treasury’s Financial Services Compensation Scheme (FSCS) (which guarantees savings up to the value of £50,000), […]