THE FINANCIAL SERVICES COMPENSATION SCHEME (FSCS)

The Financial Services Compensation Scheme (FSCS) is a scheme provided by the UK Government. It gives a level of cover for your money if anything were to happen to your bank, building society or credit union. Any money held in a cash account within your investments or pensions will also be covered.

You may have heard in the media recently that their deposit protection limit is changing from the 1st January 2016.

For individuals: the level of cover is reducing from £85,000 to £75,000 per provider.

For joint account holders: each account holder will have cover up to £75,000.

You can read more about the FSCS compensation arrangements here.