Spam & Scams5 mins ago
Bank Accounts
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If Myself & Wife hold joint accounts in a building society how much capital can we have to keep below the fscs compensation levels
Answers
£170k: https://www.fscs.org.uk/what-we-cover/
19:14 Fri 15th Oct 2021
https://www.fscs.org.uk/what-we-cover/
£170000.
Tho its pretty meaningless imo as if major banks went bust then the goverment may not afford to pay out
£170000.
Tho its pretty meaningless imo as if major banks went bust then the goverment may not afford to pay out
bobbinwales, it is not the government that pays the compensation:
"We're able to pay our customers compensation because we are fully funded by the financial services industry. Firms authorised by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) pay us an annual levy which funds the cost of running our service."
https://www.fscs.org.uk/about-us/funding/
"We're able to pay our customers compensation because we are fully funded by the financial services industry. Firms authorised by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) pay us an annual levy which funds the cost of running our service."
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