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The Financial Services Compensation Scheme (FSCS) is the UK's statutory compensation scheme for customers of UK authorised financial services firms. This means it can step in to pay compensation if a firm is unable, or likely to be unable, to pay claims against it. Compensation can be in any form and by any method it determines is appropriate. [1]
FSCS: Financial Services Compensation Scheme – the UK's statutory deposit insurance and investors' compensation scheme for customers of authorised financial services firms. CGS: Credit Guarantee Scheme – a scheme introduced in 2008 allowing banks to issue debt guaranteed by the government. The scheme closed in October 2012.
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The Bank launched in 2015 and provides fixed rate bonds, notice accounts, easy access accounts and cash ISAs. [10] Eligible deposits with the Bank are protected by the Financial Services Compensation Scheme, the United Kingdom's deposit protection scheme, for savings up to the value of £85,000. [11]
Both offshore and onshore banking centres often have depositor compensation schemes. For example: The Isle of Man compensation scheme [15] guarantees £50,000 of net deposits per individual depositor, or £20,000 for most other categories of depositor. Potential depositors should be aware that any deposits over the guaranteed amount are at risk.
HSBC and Capital One said that they expect no immediate changes to the credit card programs and operations. HSBC customers will see no near-term service changes and should be able to use their credit cards normally. In 2013, HSBC Finance sold its US consumer loans to Springleaf Financial and Newcastle Investment Corp. [14]
People perceived Northern Rock as a safe place to put their money, given that it was currently government owned. However, there was no guarantee that if Northern Rock was to fail that the government would top-up any compensation over and above the standard £85,000 offered by the Financial Services Compensation Scheme. [39]
Tesco later acquired Royal Bank of Scotland shareholding, which resulted in the bank becoming a wholly owned subsidiary, and now operates under its own banking license under the Financial Services Compensation Scheme. [4] The bank offers a range of insurance, credit cards, loans, savings, mortgages and travel products.