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News Tag: Financial Services Compensation Scheme

May 28, 2012

Banks to publicise protection schemes for savers

by Jan Harris
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 compensates customers of financial institutions which ...




May 21, 2012

FSCS reassures Santander customers

by Jan Harris
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. Mr Neale was speaking to reassure investors that ...




February 20, 2012

FSA fines Santander £1.5m over compensation scheme

by Jan Harris
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 cannot pay a claim against ...




December 15, 2011

Banks to display deposit protection signs

by Jan Harris
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. Any deposits you hold above ...




November 18, 2011

Northern Rock sale won’t affect compensation

by Jan Harris
Northern Rock sale won’t halve 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 Financial Services Compensation Scheme (FSCS) will cover ...




March 23, 2011

Norwich and Peterborough to repay £57m to Keydata investors

by Kay Mitchell
”Norwich
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 the Financial Services Compensation ...




January 2, 2011

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

by Kay Mitchell
”Compensation
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 a bank is close to ...




May 24, 2010

Northern Rock savers lose 100% guarantee

by Kay Mitchell
”Northern
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 put in place after Northern Rock collapsed ...




February 24, 2010

Northern Rock savers to lose 100% guarantee

by Kay Mitchell
”Northern
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 in place after Northern Rock collapsed ...




August 3, 2009

FSCS pays £21bn to protect UK savers

by Kay Mitchell
”FSCS
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 banking failures, reimburses up to ...




May 27, 2009

Nationwide Building Society hit by bad debts

by Kay Mitchell
”Nationwide
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), to which it had to pay ...