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What is the FSCS?

A quick overview of the Financial Services Compensation Scheme

What is the FSCS?


The Financial Services Compensation Scheme (FSCS) is the UK's "fund of last resort", responsible for paying out to customers of financial services firms who have lost money after a firm covered by the scheme has entered default. 

The FSCS can pay compensation for financial loss of up to £85,000 per depositor if a firm is unable to pay back deposits from its customer

The FSCS is an independent body, set up under the Financial Services & Markets Act 2000 (FSMA).

It is separate from the Financial Ombudsman Service, which deals with complaints against authorised firms that are still trading.

Castle Community Bank is covered by the FSCS, and as such, all our deposits up to £85,000 are covered by the scheme

 

To learn more about the FSCS, click here