Getting help
If things go wrong
Most banks and building societies follow the voluntary Banking Code. This sets out standards for dealing fairly with you. Information about this code is available at any branch or from the British Bankers' Association (BBA) – see Related links.
Banks and building societies must help if you want to make a complaint by having internal complaint procedures, and by belonging to an ombudsman scheme. See our Making a complaint guide for more information.
If a bank, building society or credit union which is covered by the FSCS goes out of business
From 7 October 2008 the Financial Services Compensation Scheme (FSCS) can pay compensation for financial loss of up to £50,000 for deposit claims (which is 100% of the first £50,000 of your loss). But bear in mind that if you owe money to the failed firm (for example, loans, mortgage or credit card debts), this is taken into account before any compensation is paid.
If you hold multiple accounts in banks that are part of a larger group the following applies:
- If each of the banks is separately authorised by the Financial Services Authority, FSCS would pay compensation up to the limit of £50,000 per person, per authorised institution.
- If each of the banks is not separately authorised but is covered by the parent company's authorisation, FSCS would pay compensation up to the limit of £50,000 once, irrespective of how many different institutions a person held accounts with.
Along with the raise in the deposit limits we are also implementing changes relating to how recoveries from the estate of a failed deposit taker would be allocated to people with deposits of more than the new protected limit of £50,000.
If you have more than a total of £50,000 deposited with a particular bank, building society or credit union, then you will get £50,000 compensation from FSCS, provided you meet all the qualifying conditions.
You may also receive a further payment, or payments, of your share of any money left in the failed firm. It is not possible to say in advance how much this payment will be, or when you will receive it. This will depend on how much money was left in the firm and how long it takes to sort out the firm's affairs. The detail of how the new 'rateable' system works for UK banks is provided in our Feedback statement (PDF).
More information
- The joint consultation on our proposals – Financial stability and depositor protection (HM Treasury website).
- For more general information about compensation and FSCS visit their website – see Frequently asked questions about FSCS.
- If you have a question about how a bank or building society is authorised – please contact our Consumer Helpline. See Contact us.
Firms not based in the UK
By law, most financial services firms must get our authorisation before they can do business in the UK. Our Register has information on all authorised firms currently doing business in the UK. The Register includes firms that are UK authorised as well as those authorised in another European Economic Area (EEA) state that also conduct business in the UK.
If you are considering or currently doing business with a firm authorised in another EEA state you may wish to ask for further information from the firm or its UK branch about its complaints and compensation arrangements. This is because the position may differ compared to a UK authorised firm. EEA firms will also be able to provide you with details of the extent of their regulation by us in the UK.
If you do business with a UK branch of a bank authorised in another member state the compensation arrangements will not be the same as FSA-authorised banks based in the UK. The FSCS website has more information about this – see Related links.
Certain EEA firms have chosen to 'top up' into the FSCS. For further information on this and to determine if your firm has 'topped up' please see the FSCS website.