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The Financial Services Authority (FSA)
have provided a table listing the largest
UK deposit takers. The list shows how the
Financial Services Compensation Scheme (FSCS)
limits would apply for most customers but
is not a complete list of deposit takers
covered by the FSCS. If a bank or
building society authorised by the FSA is
unable to pay back deposits held with it,
the FSCS can pay 100% of the first £50,000
of an eligible depositor's claim, per
authorised institution. Where a person
holds accounts with two or more UK deposit
takers covered by a single authorisation,
then the FSCS will only pay up to the
maximum limit of £50,000 in total,
regardless of how many different
institutions a person holds accounts with
and/or the number of accounts that they
hold.
In the case of customers with joint
accounts, FSCS will assume that the money
in that account is split equally unless
there is evidence to suggest otherwise.
This means that each account holder in a
joint account would be eligible for
compensation up to the maximum limit of
£50,000.
Internet link:
fsa list of linked deposit takers |
