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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]
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.
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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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]
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 ...
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.
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.