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FSCS Guide
A guide to the Financial Services Compensation Scheme
In this guide:
- What is FSCS? - How it works and what you need to know.
- Who is covered by FSCS? – Things to watch out for to ensure you’re fully covered.
- How safe is your cash? - How to pick through the minefield of shared banking licences.
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From this guide:
Providers with shared banking licences
As mentioned earlier, an important aspect of protecting your savings and ensuring that you don’t breach the FSCS limit is knowing whether your chosen bank or building society has its own banking licence or shares one with another provider.
Providers that share a banking licence are not always obvious and can be easy to miss In all these cases, the £85,000 limit relates to the combined amount held with any of these providers.
For example, a whole host of providers come under the Bank of Scotland banking licence, such as Halifax, Birmingham Midshires and Saga to name but a few. Having more than £85,000 spread between these providers would mean that the excess is not protected by the FSCS.
The key point here is that you wouldn’t automatically put some of these providers together and the fact that they share a banking licence can be very easy to miss.
To see whether your provider has its own or shares a banking licence take a look at the table.
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Merve Oral
Financial Adviser - Chartered Financial Planner, FPFS
Merve is a Chartered Financial Planner and a Fellow of the Personal Finance Society. She creates bespoke financial plans in partnership with her clients to help them secure their financial future and enjoy their desired lifestyle with peace of mind.
Sarah Beall
Financial Adviser - Chartered Financial Planner, FPFS
A Fellow of the Personal Finance Society, Sarah has worked in financial services since 2011 and works in partnership with her clients to ensure they understand what they are capable of achieving and how they can get there. In particular, she provides clarity around complex strategies to put her clients at ease.
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Partner - DipPFS
Daniel provides advice focused on the disciplines of personal and corporate financial planning, investment portfolio management, Inheritance Tax (IHT) planning and mitigation, and legacy and succession planning.