Northern Rock is a member of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. Payments under the Scheme are limited to 100% of the first £2,000 of a depositor's total deposits with the bank and 90% of the next £33,000, resulting in a maximum payment of £31,700. Most depositors, including individuals and small firms are covered. The scheme limit relates to each depositor for their combined deposits held with Northern Rock and not for each Account. Further details of the scheme are available on request.
Scheme designed to provide an element of protection in the event of default by an investment business. The maximum claim depends on the nature of the business.
The scheme is an industry-wide safety net designed to protect private investors from financial loss as a result of the default of an authorised (i.e. regulated) investment company.
The Financial Services Compensation Scheme (FSCS), established under the Financial Services and Markets Act of 2000, is the UK's statutory fund of last resort for customers of financial services firms. This means that FSCS can pay compensation to consumers if a firm is unable, or likely to be unable, to pay claims against it. In general this will be when a firm is insolvent. See http://www.fscs.org.uk
Cheltenham & Gloucester plc is a member of the Financial Services Compensation Scheme, established under the Financial Services and Markets Act 2000.
The Financial Services Compensation Scheme (FSCS) is an arrangement set up by the Government to ensure that, if a financial services provider (for example, a bank or insurance company) becomes insolvent, its customers will have some financial compensation. The FSCS is financed by levies on the industries covered.
This scheme exists for claims against an authorised financial services company when it is unable to pay claims against it as it is insolvent or no longer trading. For companies still in business claims must be taken to the Financial Ombudsman Service.