Financial Services Compensation Scheme information
UK government agency
Financial Services Compensation Scheme
Deposit Guarantee Scheme overview
Formed
2001; 23 years ago (2001)
Jurisdiction
United Kingdom
Headquarters
15 St Botolph Street, EC3A 7QU London
Annual budget
£99.8m (2023/24)
Deposit Guarantee Scheme executives
Marshall Bailey, Chairman
Martyn Beauchamp, Interim Chief Executive Officer
Website
www.fscs.org.uk
The Financial Services Compensation Scheme (FSCS) is the UK's statutory compensation scheme for customers of UK authorised financial services firms. This means it can step in to pay compensation if a firm is unable, or likely to be unable, to pay claims against it. Compensation can be in any form and by any method it determines is appropriate.[1]It is an operationally independent body, set up under the Financial Services and Markets Act 2000 and funded by a levy on authorised financial services firms.
The rules of the FSCS are made by the Financial Conduct Authority (FCA) and are contained in its handbook.[2] The FSCS board of directors is appointed by and ultimately accountable to the FCA. It covers deposits, insurance, debt management, funeral plans, insurance, investments, pensions, mortgages and payment protection insurance to varying amounts.
FSCS is free for consumers to use and, since 2001, has helped more than 4.5 million people and paid out more than £26 billion. Since 31 December 2010, maintaining a single customer view has become mandatory for United Kingdom banks and other deposit takers due to rules it introduced.[3]
There is currently a review on whether to increase insurance coverage from the current 90% to 100%, in order to align it with the rest of the protection regime.
^"Form and Method of Compensation - Prudential Regulation Authority". www.prarulebook.co.uk. Retrieved 7 December 2023.
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