Financial Services Compensation Scheme (FSCS)
The FSCS is an independent body that pays compensation to consumers if a regulated firm is unable to pay claims against it. This is usually when a firm is insolvent or when a firm stops trading and there are insufficient assets to meet claims.
The FSCS protects
- Deposits;
- Insurance policies;
- Insurance broking;
- Investment business (including personal and stakeholder pensions); and
- Mortgage advice and arranging
If your firm has ceased trading and is unable to meet your claim for personal pension or stakeholder benefits, you should contact the FSCS. They can be contacted at:
Financial Service Compensation Scheme (FSCS)
7th floor
Lloyds Chambers
Portsoken Street
London
E1 8BN
www.fscs.org.uk
Compensation payments are limited. For personal and stakeholder schemes, compensation is limited to 100% of the first £30,000 and 90% of the next £20,000, making a grand total of £48,000. For annuity contracts, compensation is limited to 100% of the first £2,000 and 90% of the remainder of the claim.
