Financial Services Compensation Scheme
What is the FSCS?
The Financial Services Compensation Scheme is a body, funded by the financial services industry, providing automatic protection if your bank, building society or credit union goes out of business.
The FSCS covers financial services firms that have been authorised by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) to do business in the UK.
Who is protected?
The FSCS protects customers including individuals, companies and small local authorities for up to £85,000 across accounts with us. This amount is for each customer, meaning two individual customers with a joint account have protection of £170,000.
The protected amount is applied to the total amount of deposits held across all your accounts with Cater Allen Private Bank.