Financial Services Compensation Scheme Eligibility Questions
Rules are in place that requires all banks to maintain records to help determine the eligibility of their customers under the Financial Services Compensation Scheme (FSCS).
The FSCS is an independent body, set up under the Financial Services & Markets Act (2000), and can pay compensation to depositors if a bank is unable to meet its financial obligations.
We need to know if your organisation is eligible
We, as a bank, have a duty to verify the eligibility of business customers under this scheme each year using specific qualifying criteria as set out by the Financial Conduct Authority, our financial services regulator. The information is used to check if your organisation is entitled to receive any funds via the targeted 7 day faster payout under the scheme and assist the FSCS in paying out compensation quickly in the unlikely event that a bank goes into default.
Due to some recent changes to the FSCS qualifying criteria, which came into effect from 17 March 2014, we need to ensure that your organisation’s eligibility status is up-to-date on our records.
What you need to do
We have made it as easy as possible with 3 simple steps:
- Step 1 - Log into this secure website by entering the unique password detailed in your FSCS eligibility letter. You will not be asked to provide your bank account details once you have logged into the website.
- Step 2 - Confirm your organisation’s legal entity status.
- Step 3 - Confirm your organisation’s eligibility status by completing the eligibility question(s).
The process should take no longer than 3 minutes to complete.
We take the security of our customers’ accounts very seriously and we can assure you this is a secure site hosted by GI Solutions Group on behalf of Santander UK plc. GI Solutions is an ISO2 7001 accredited company. The ISO 27001 certification is an internationally recognised standard for information security management.
Help and support
If you have any questions with regard to the FSCS and your eligibility under the scheme, please refer to the FAQs on the reverse of your FSCS eligibility letter.
For further information about the scheme (including the amounts covered and eligibility to claim) please refer to the FSCS website www.FSCS.org.uk
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the bank, including their share of any joint account and not to each separate account.
For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website www.FSCS.org.uk or call the FSCS on 020 7741 4100 or 0800 678 1100. Please note only compensation related queries should be directed to the FSCS.