Martin Lewis explains FSCS protection as UK savers withdraw savings in coronavirus crisis | Personal Finance | Finance

FSCS was set up by parliament and is funded by the financial services industry.

A completely independent and free serivce, eligible savers can claim compensation should financial firms fail.

“You’ll keep all the compensation you are owed when you claim directly through us,” the website states.

The scheme offers protection for savers holding their money in a UK-authorised bank, building society of credit union account, should it fail after January 1, 2017.

If this does happen, then FSCS will automatically compensate them, up to a certain limit.

This is up to £85,000 per eligible person, per bank, building society or credit union, and up to £170,000 for joint accounts.

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