Is Your Money Safe If Your Bank Goes Belly Up?

Vicky


eleventh Jul 2023

Studying Time: < 1 minute

MoneyMagpie is working with FSCS

We’re actually excited to announce that we have now partnered with the unimaginable individuals over at FSCS (Financial Services Compensation Scheme) to assist educate you, our readers, into a greater understanding as to how the monetary service works, the kind of issues you’re lined for and whether or not we have now help obtainable on this financially attempting time.

Over the approaching months our founder Jasmine Birtles is travelling across the UK to host a brand new collection that guarantees to assist us discover out whether or not we’re financially lined.

She is going to check out our pensions, insurance coverage, mortgages, banking and funeral plans and assist us perceive how they’re protected and what we are able to do to guarantee that we don’t have any nasty shocks.

Episode one

We begin the collection by asking the individuals on the road whether or not they know who FSCS are and whether or not they’re lined for his or her monetary providers… let’s see what they are saying right here:

What to do when you aren’t lined?

FSCS isn’t an insurance coverage firm so that you don’t want an account; anybody could make a declare.

So, when your monetary agency fails, there are two methods you may declare compensation: direct with FSCS free of charge, or by way of a claims administration firm (CMC) who’ll cost a price to deal with your declare.

FSCS is impartial, free and funded by the monetary providers business. They had been arrange by parliament to pay again cash to eligible individuals when their monetary agency fails.

Disclaimer: MoneyMagpie isn’t a licensed monetary advisor and subsequently data discovered right here together with opinions, commentary, ideas or methods are for informational, leisure or instructional functions solely. This shouldn’t be thought-about as monetary recommendation. Anybody pondering of investing ought to conduct their very own due diligence.