Financial Services Compensation Scheme

The Financial Services Compensation Scheme (FSCS) is an independent body, set up by the UK Parliament under the Financial Services and Markets Act 2000. Its mission is to provide a trusted compensation service for consumers when authorised financial services firms fail, helping to raise public confidence in the financial services industry. The FSCS is funded by levies on firms authorised by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). It protects a wide range of financial products, including deposits in banks and building societies, investments, pensions, and insurance policies, up to specific compensation limits.