Glossary · UK
What is FSCS?
Financial Services Compensation Scheme — UK savings protection up to £85,000.
Full Definition
The FSCS is the UK's statutory compensation scheme protecting customers if a UK-authorised bank, building society or credit union fails. Protects up to £85,000 per person per banking licence (note: separate brands within same licence share the limit — e.g. HSBC and First Direct share £85k). Joint accounts: £170k. For temporary high balances (house sale, inheritance), protection rises to £1m for 6 months. Investments and pensions have separate FSCS protections.
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Disclaimer: Definitions are for guidance only. For decisions about your tax, savings, property or pension situation, always consult a qualified professional or refer to gov.uk.