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ShirtyTheSlightlyAggresiveBear

Financial Services Compensation Scheme

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Here is some general information regarding what happens if your bank goes bust and it has your savings.

The word from the FSA.

http://www.fsa.gov.uk/consumer/09_SAVINGS/your_rights/mn_bank_rights.html

If a bank or building society collapses, you may be at least partially protected by the Financial Services Compensation Scheme. The maximum compensation payment is £31,700 (100% of the first £2,000 and 90% of the next £33,000).

Your saving institution MUST be covered by the FSA. They do seem to have a monthly updated list of approved institutions on there website, just do a search on there site for it.

The scheme itself.

http://www.fscs.org.uk/

And specifically for bank deposits...

http://www.fscs.org.uk/consumer/FAQs/Deposit_claims_FAQs/

Note, it appears that the institution must be declared as in 'default', so in practice if a bank goes under not sure what happens if its bought out by another one, do they honour your deposits or only parts thereof.

Joint accounts are treated as separate accounts.

Also note that there doesn't seem to be any mention of the 'legal entity' issue. This means what happens if you had 2 or more accounts spread across high street named banks but they are owned by the same parent company. Bank of scotland and Halifax as an example owned by HBOS.

Note to mods, is this worth pinning or putting somewhere else?

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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