Banks/building societies

If you have an account with a bank or building society that becomes insolvent you will be contacted by the liquidator or by the FSCS. You will need to fill in an application form that we will send to you.

What is the position for people who have multiple accounts with banks that are subsidiaries of another bank?

We have received some enquiries about how we would apply the compensation limits to people who hold multiple accounts in banks that are part of a larger group. If each of the banks is separately authorised by the FSA:

  • The FSCS would pay compensation up to the limit of £50,000 per person, per authorised institution.

If each of the banks is not separately authorised but is covered by the parent company's authorisation:

  • The FSCS would pay compensation up to the limit of £50,000 once, irrespective of how many different institutions a person held accounts with.

How do you find out if you are covered?

We cover firms authorised by the FSA.  A list of the banks authorised by the FSA can be found on the FSA's website. If a UK bank is not on this list, it is likely to fall under a group authorisation.  If you have a question about how a bank or building society is authorised, please check the list on the FSA's website or contact the FSA on 0845 606 1234.

We may also be able to help if you have an account with a UK branch of a bank incorporated in another European Economic Area (EEA) state.

More information

If you think you have a claim against a bank or building society, you can now start the process by completing an Initial Enquiry Questionnaire and sending it to us.

For more information about claiming compensation you can download a copy of our Claiming compensation booklet. If you would like us to post you a copy, please contact us.

You might also find looking at our Questions and Answers section helpful.

Claims before 1 December 2001

Slightly different rules apply if you have a claim against a deposit-taking firm that was insolvent or declared in default before the FSCS became operational (1 December 2001). The claim is covered by the rules governing the Deposit Protection Scheme, which existed before that date, although we will handle your claim. Compensation limits and eligibility may differ.