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What is the Financial Services Compensation Scheme (FSCS)?

The Financial Services Compensation Scheme (FSCS) is an independent fund set up by the government to protect people’s money.

The FSCS covers companies that have been authorised by the UK regulators, the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA), like banks, building societies, credit unions or other financial institutions.

The FSCS protects eligible deposits up to the amount of £85,000 per person, per financial institution.

Updated on: 19/05/2023

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