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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.
The repayment claim still existed as a claim on the Landsbanki receivership, who one year earlier had been ordered by the Supreme Court of Iceland to repay confiscated deposits (including minimum deposit guarantees) as priority claims, totaling ISK 852 bn (£4.46 bn, €5.03 bn) to the UK Financial Services Compensation Scheme and ISK 282 bn ...
The Guernsey scheme was enacted in November 2008 [59] and offers compensation of up to £50,000 per depositor, subject to an overall cap of £100 million in any five-year period. The scheme does not cover company or, with minor exceptions, trust accounts. The Jersey scheme was enacted in November 2009 [60] and offers a similar level of protection.
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.
The company was founded in 1985 as St Michael Financial Services as the financial services division of Marks & Spencer and adopted its current name in 2012. Initially focused on providing credit through in-house store cards, the bank now provides a range of products to personal customers including credit cards, loans, savings, insurance and ...
Household Finance Corp. was founded in 1878 by Frank MacKey of Minneapolis, Minnesota. It claims that in 1895 it was the first financial company to offer the installment plan, under which a consumer loan could be repaid through a regular monthly amount rather than a lump sum on the due date.
It is a member of the Financial Ombudsman Service, UK Payments Administration and of the British Bankers' Association; it subscribes to the Lending Code. The bank is covered by the Financial Services Compensation Scheme with The One account, Drummonds Bank and Holt's Military Banking under one licence. [51]