Financial Services Compensations Scheme
The Financial Services Compensation Scheme (FSCS) is since 1 December 2001 active funds to last instance compensation of consumers of financial services company based in the United Kingdom . It was set up under the Financial Services and Markets Act in 2000 and also protects claims from before the start of its activity.
The services of the FSCS are primarily aimed at private individuals and small businesses. Larger companies can only be compensated in exceptional cases, e.g. B. with some insurance benefits. Compensation can only be paid once the FSCS has verified the insolvency of a company approved by the UK's Financial Services Authority (FSA). All companies that are subject to the UK Banking Authority (FSA) must pay contributions to finance the FSCS.
Claims from bank deposits , investment transactions , private real estate financing as well as from insurance policies or insurance brokerage are covered. Claims from insurance contracts with no upper limit are reimbursed to 90%, with statutory insurance to 100%. Claims from financial transactions also be replaced 100%, but only up to a limit of 85,000 British pound ( GBP ). Before December 31, 2010, this limit for bank-only deposits was £ 50,000; before October 7, 2008, it was £ 35,000. A maximum of £ 31,700 had been replaced by October 1, 2007, the first £ 2,000 in full and 90% of an additional £ 33,000.
Web link
- FSCS website for German users
Individual evidence
- ↑ Dirk Heilmann, Sonia Shinde: Save money, who can. Handelsblatt, 17th Sep. 2007, accessed November 8, 2010
- ↑ FSCS information on the compensation limits , accessed on January 4, 2011