Catalogue description Financial Services Compensation Scheme Website

Please see information at Divisional level.

This series contains more than one link to the 'snapshots' of this website. For some websites, the URL may change periodically. Despite this change to the URL these websites are part of the same record series as they represent the department or organisation's presence on the web at the time. Occasionally, more than one domain URL to the same website may run in parallel creating an overlap.

The Financial Services Compensation Scheme (FSCS) is the UK’s statutory compensation scheme for customers of authorised financial services firms. It was set up under the Financial Services and Markets Act 2000 and became operational on 1 December 2001.

The FSCS is independent of the UK Government and the financial industry. It is funded by a levy on 'authorised financial services firms'. The scheme covers deposits, insurance policies, insurance brokering, investments, mortgages and mortgage arrangement.

The FSCS covers business conducted by firms authorised by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), the independent watchdogs set up by government to regulate financial services in the UK and protect the rights of consumers. European firms (authorised by their home state regulator) that operate in the UK may also be covered.

The FSCS can pay compensation if a firm is unable, or likely to be unable, to pay claims against it. The FSCS does not charge individual consumers for using its service.