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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.
HSBC Finance Corporation is a financial services company and a subsidiary of HSBC Holdings. It is the sixth-largest issuer of MasterCard and Visa credit cards in the United States .
HSBC Jade is an invite-only financial services product aimed at individuals with net worths typically between $1 million and $5 million in investible assets held with HSBC. Before invitation, members must be HSBC Premier members for a designated period of time. In addition to HSBC Premier benefits, HSBC Jade have select concierge services ...
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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 society is a founding member of the Building Societies Association and Council of Mortgage Lenders, as well as a member of the Financial Services Compensation Scheme. It is a mutual organization which operates through a network of branch and agency offices, covering the M4 corridor from Chepstow in the east to Swansea in the west.
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]