This information may change at any time. For a definitive answer on any question to do with the FSA or the FSCS, please contact them directly; their contact details are available on their websites.
Questions
How up-to-date is this information?
The data used in this website is updated from the FSA Registry every month.
Please check the blog for the date of the most recent update.
What is the compensation limit if you have a savings account with a company that is incorporated in the EEA?
If the company is registered with the FSA as "incorporated in the EEA entitled to accept deposits through a branch in the UK", (for example Icesave or ING Direct), then in the event of default, you can claim up to the limit of £35,000. Your initial claim is against the regulator of the home country (for example, Iceland for Icesave, the Netherlands for ING Direct). The FSCS then guarantees the remainder up to the limit of £35,000.
For example, if an EEA-Authorised bank failed, and their home country's regulator guaranteed the first 20,000 EUR of a customer's deposits, then you would be able to claim up to 20,000 EUR for the home country's regulator, and 35,000 GBP - 20,000 EUR from the FSCS. (approx 19,350 GBP at time of writing).
If the company is not registered in this way, then you are probably not eligible for compensation from the FSCS compensation scheme. You may however be eligible for compensation from the home country's regulators.
Please contact the FSCS for clarification about other cases.
What is the compensation limit if you have a savings account with a company that is not incorporated in the UK or the EEA?
If the company is registered with the FSA as "incorporated outside the EEA and authorised to accept deposits through a branch in the UK", then in the event of default, you can claim up to the limit of £35,000.
If it is not registered in this way, then you are probably not eligible for compensation from the FSCS compensation scheme. You may however be eligible for compensation from the home country's regulators: for example, the Isle of Man operates its own compensation scheme.
Please contact the FSCS or the home country's regulator for clarification.
What is the compensation limit if you have both a savings account and a Cash ISA with the same company?
If you hold a savings account and a Cash ISA with the same bank, the limit is £35,000 for the combined amount.
That is, if you have £20,000 in the savings account and a further £ 20,000 in a Cash ISA with the same bank, only £35,000 is guaranteed.
What if you have both a savings account and a SIPP cash account with the same company?
The FSCS has one limit for savings, and another limit for investments. So the savings account has a maximum guarantee of £ 35,000 and the SIPP account has a separate maximum guarantee of £48,000.
Which organisation is Leeds and Holbeck Building Society?
It is unclear. According to the FSA Register, both the Leeds Building Society (Reg: 164992) and Ikano Financial Services (Reg: 311478) have "Leeds and Holbeck Building Society" listed as a trading name registered with the FSA. Please check the documentation you have from them, or seek clarification from the FSA.
Does the FSCS have an unlimited amount of money with which to meet claims?
No. From the FSCS website, "it is still possible to conceive of a default (or a combination of defaults) so big as to be beyond FSCS's ability to pay compensation up to our limits".