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Important Information about Compensation Arrangements Financial Services Compensation Scheme
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Eligible Depositors / Limits of Compensation
We are covered by the Financial Services Compensation Scheme
(FSCS). The FSCS
can pay compensation to depositors if a bank is unable to meet its
financial obligations.
Most depositors - including most individuals and small
businesses - are covered by the scheme. In respect of
deposits, an eligible depositor is entitled to claim up to
£50,000.
For joint accounts each account holder is treated as having a claim
in respect of their share so, for a joint account held by two
eligible depositors, the maximum amount that could be claimed would
be £50,000 each (making a total of £100,000). The £50,000 limit
relates to the combined amount in all the eligible depositor’s
accounts with the bank, including
their share of any joint account, and not to each separate
account.
Non-Eligible Depositors
- Large Companies A body corporate which does not qualify as a small company under section 247 of the Companies Act 1985 , or section 382 of the Companies Act 2006 as applicable**.
- Large Mutual Associations Mutual association or unincorporated association with net assets of more than £1.4 million (or its equivalent in any other currency at the relevant time).
- Large Partnerships Partnership or unincorporated association with net assets of more than £1.4 million (or its equivalent in any other currency at the relevant time.
- Overseas financial services institutions
- Supranational institutions, governments, and central administrative authorities
- Provincial, regional, local and municipal authorities
For further information about the scheme (including the amounts
covered and
eligibility to claim) please ask at your local branch, refer to the
Related Information section on this page, or call 020 7892 7300.
** A company qualifies as a "small company" under the
provisions of section 247 of the Companies Act 1985
(which still applies to any company whose financial year commences
before 6 April 2008) if it fulfils two of the following three
criteria:
it has a turnover of not more than £5.6 million;
it has a balance sheet total of not more than £2.8 million; and
it has not more than 50 employees.
** A company qualifies as a small company under the provisions
of section 382 of the Companies Act 2006 if it fulfils two of the
following three criteria:
it has a turnover of not more than £6.5 million;
it has a balance sheet total of not more than £3.26 million; and
it has not more than 50 employees.