FSCS is committed to ensuring the security of your personal information and to giving you control over how your data is used. 2. In most cases, these are a large bank with a smaller subsidiary, like the online banks First Direct and Cahoot. endstream endobj 2384 0 obj <. You can search the Register for information on a firm, individual or financial services product by entering its name, reference number (FRN) or postcode. Although joint account holders are usually entitled to make separate deposit claims for £85,000 each, if the joint account holders hold the account as partners in a business, then the business partnership is only entitled to a single claim of £85,000 (not one claim per business partner). We protect certain qualifying temporary high balances up to £1 million for up to twelve months from when the amount was first deposited. Registered as a Limited Company in England and Wales No 3943048. This website uses cookies. If you’re a sole trader (e.g., Mr Smith t/a Smith Motors) you wouldn’t be entitled to two separate claims – you could claim up to £85,000 in total. If you have money in multiple accounts with banks that are part of the same banking group (and share a banking licence) we have to treat them as one bank. FSCS … LIST OF BANKING AND SAVINGS BRANDS PROTECTED BY THE SAME FSCS COVERAGE COMPILED BY THE BANK OF ENGLAND AS AT 31 JULY 2020 Banking and Savings Brand PRA-authorised institution FRN Other deposit brands covered by FSCS coverage 121873 Clydesdale Bank Plc 121873 B 121873 Virgin Money 121873 Yorkshire Bank 121885 The Co-operative Bank Plc 121885 … The FSCS protects UK authorised banks, building societies and credit unions up to £85,000 per depositor in the event of their insolvency. Please retain relevant pages and return the final page 4 back to us. This means that our compensation limit applies to the total amount you hold across all these accounts, not to each separate account. Financial Services Compensation Scheme Exclusions List A deposit is excluded from protection if: (1) The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements. Well-known examples include: RCI Bank (France - €100,000) You don’t need to do anything – FSCS will compensate you automatically. Check you're protected. In response to changes to European data regulation known as GDPR, the FSCS privacy notice has been updated. Comprehensive list of ownership and licences. We reveal which banks share a licence so you can keep your money safe. More complex cases will take longer. Eligible depositors in UK branches of EEA banks are protected by the deposit guarantee scheme in the bank’s home state, usually up to a limit of €100,000. Why banks in UK need FSCS Single Customer view Automation/Audit “89% of companies still have challenges creating a single customer view resulting in poor decision making due to poor customer insight and process inefficiencies. Below is a list of the most common linked banks and building societies in the UK – if your bank account and any of your unsecured debts are with linked institutions, you should consider opening a new basic bank account to keep your money safe. See a full list of who isn’t protected in the Prudential Regulation Authority’s Rulebook. LIST OF BANKING AND SAVINGS BRANDS PROTECTED BY THE SAME FSCS COVERAGE COMPILED BY THE BANK OF ENGLAND AS AT 05 DECEMBER 2019 Banking and Savings Brand PRA-authorised institution FRN Other deposit brands covered by FSCS coverage 512956 AA Savings* 512956 Post Office Money 512956 Bank of Ireland (UK) Plc If you don’t and owe your bank money they have the right to offset – meaning they can transfer cash from your account to pay off their other debts. The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements. This website uses cookies. FSCS protects you up to £85,000 in total across all accounts you hold in your business name, within the bank/banking group. In response to changes to European data regulation known as GDPR, the FSCS privacy notice has been updated. Zenith Bank (UK) is the UK subsidiary of Zenith Bank PLC which was founded in 1990. 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