Skip to main content
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.
Provide your details below to receive your free guide.
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.
Related content
A thorough guide to help support you in preparation for your retirement and provide an insight into investment.
It's important to understand the implications of a Defined Benefit pension transfer.
The pension landscape has changed significantly in the last 20 years or so, as the way in which people work has changed.
Our clients speak for us
Meet our expert team
Copy of Copy of Copy of Copy of Copy of Copy of Copy of Template - People block - list (6.06)
Kirsty Stone
Partner - Chartered Financial Planner, APFS
Kirsty is a Chartered Financial Planner and expert in cash flow forecasting and advises in all aspects of financial and strategic planning
Julian Frere
Partner - Chartered Financial Planner, APFS
Julian advises on pension reviews, retirement planning, investment management, tax efficient structuring, life insurance and succession planning.
Susan Tait
Partner - Chartered Financial Planner, APFS
Susan has a broad range of experiences dealing with high net worth clients who pose complex financial circumstances.