Financial Services Compensation Scheme
From ACT Wiki
Financial services - regulation - retail depositors - UK.
(FSCS).
The UK scheme that guarantees certain bank, building society or credit union depositors' funds - subject to limits - should the bank, building society or credit union fail.
The guaranteed amount in the UK is limited and may vary from one year to the next. For failures from 2017 to 2021, the guaranteed amount in the UK was limited to £85,000.
The FSCS is funded by a levy on financial firms authorised and regulated by the UK's Financial Conduct Authority and the Prudential Regulation Authority.
Similar deposit guarantee schemes operate in the majority of developed economies, under different names and with differing conditions and degrees of formality.
See also
- BIP
- Compensation
- Credit union
- Deposit Guarantee Scheme
- Deposit insurance
- DGSD
- Financial Conduct Authority
- Financial Ombudsman Service
- Insolvency waterfall
- International Association of Deposit Insurers
- Levy
- Prudential Regulation Authority
- Regulation
- Retail
- Stability
