Find out how the Financial Services Compensation Scheme protects your savings, and how your mortgage, investments and insurance are protected, too

The FSCS: your questions answered

See below for answers to some of the most common questions people have about the Financial Services Compensation Scheme.

What should I do if my bank collapses?

At the beginning of the FSCS claim process, you’ll be asked a few quick questions to see if it can help with your claim.

Enter your details to find out whether you’re eligible, and if so you can continue with your claim.

Money lost from bank or building society deposit failures is often paid back within a couple of days, so the sooner you make a claim the less time you’ll be out of pocket for.

I have more than £85,000 in savings – what are my options?

To make sure all of your cash is covered by the FSCS, you should make sure it’s saved in different financial institutions, or – if your circumstances permit it – consider opening a joint account.

As we explain above, the FSCS covers up to £85,000 per person, per financial institution. So, a joint account would cover you up to £170,000, and splitting your money between institutions would mean £85,000 is covered in each one.

How do I contact the FSCS?

There are several ways to contact the FSCS.

There’s an online contact form, where you can request someone to email, phone or write back to you.

You can call: 0800 678 1100

You can write to:

Financial Services Compensation Scheme

PO Box 300

Mitcheldean

GL17 1DY

How long will it take to receive compensation?

This depends what kind of financial product you’re claiming compensation for.

Deposit failures – ie when your bank, building society or credit union goes bust – are paid within seven days of making a claim. Most commonly, the FSCS says these claims are paid in two or three days.

As for mortgagesinvestments and insurance cover, it could take much longer – and it depends on the complexity of the case.

Endowment claims, home finance and mortgage compensation typically takes six months to come through.

Straightforward insurance claims take three months, but often this can be longer.

Can the FSCS help with a claim for someone who is deceased?

Yes – but you’ll need to provide proof and documentation from all executors and administrators dealing with the deceased’s accounts.

For every deceased claim, you’ll need to provide one of the following:

  • grant of Probate/Letter of Administration
  • will
  • confirmation that there is no Grant of Probate, Letter of Administration or will if the deceased passed away intestate.

You’ll also need to make sure that all executors/administrators review and sign the application form, and copies of ID documentation will be required for everyone that signs the form.