p2pete
Member of DD Central
Posts: 144
Likes: 142
|
FSCS
Jul 9, 2023 12:21:41 GMT
Post by p2pete on Jul 9, 2023 12:21:41 GMT
I was looking on Compare the Market and saw the statements below. This isn't true is it? Why do FCA regulated companies keep saying this?
Will my money be safe?
As long as your account provider is regulated by the Financial Conduct Authority (FCA), your eligible deposits are protected for up to £85,000, per person, per bank, by the Financial Services Compensation Scheme. If your account provider were to go under, you’d receive compensation for up to this amount.
How can I be sure my savings are safe?
Make sure your savings are in an account that is protected by the Financial Services Compensation Scheme (FSCS). This scheme applies to all banks and financial organisations that are regulated by the Financial Conduct Authority (FCA).
|
|
toffeeboy
Member of DD Central
Posts: 506
Likes: 362
|
Post by toffeeboy on Jul 10, 2023 17:02:08 GMT
I was looking on Compare the Market and saw the statements below. This isn't true is it? Why do FCA regulated companies keep saying this? Will my money be safe?As long as your account provider is regulated by the Financial Conduct Authority (FCA), your eligible deposits are protected for up to £85,000, per person, per bank, by the Financial Services Compensation Scheme. If your account provider were to go under, you’d receive compensation for up to this amount. How can I be sure my savings are safe?Make sure your savings are in an account that is protected by the Financial Services Compensation Scheme (FSCS). This scheme applies to all banks and financial organisations that are regulated by the Financial Conduct Authority (FCA). Key word in the statements is "Account" and "Savings". You invest through P2P not save. I beleive that the cash you hold in your account with them is protected by FSCS but anything invested isn't.
|
|
Greenwood2
Member of DD Central
Posts: 4,247
Likes: 2,692
|
FSCS
Jul 10, 2023 17:19:19 GMT
ozboy likes this
Post by Greenwood2 on Jul 10, 2023 17:19:19 GMT
Also be careful banks you use are not linked, banks take over other banks and keep the other banks name, the allowance is for all of them.
|
|
scrumper
Posts: 28
Likes: 22
Member is Online
|
FSCS
Jul 11, 2023 6:45:45 GMT
Post by scrumper on Jul 11, 2023 6:45:45 GMT
I was looking on Compare the Market and saw the statements below. This isn't true is it? Why do FCA regulated companies keep saying this? Will my money be safe?As long as your account provider is regulated by the Financial Conduct Authority (FCA), your eligible deposits are protected for up to £85,000, per person, per bank, by the Financial Services Compensation Scheme. If your account provider were to go under, you’d receive compensation for up to this amount. How can I be sure my savings are safe?Make sure your savings are in an account that is protected by the Financial Services Compensation Scheme (FSCS). This scheme applies to all banks and financial organisations that are regulated by the Financial Conduct Authority (FCA). Key word in the statements is "Account" and "Savings". You invest through P2P not save. I beleive that the cash you hold in your account with them is protected by FSCS but anything invested isn't. The other key words are "eligible deposits". I didn't think uninvested cash was covered by FSCS on P2P platforms.
|
|
Greenwood2
Member of DD Central
Posts: 4,247
Likes: 2,692
|
Post by Greenwood2 on Jul 11, 2023 8:11:00 GMT
Key word in the statements is "Account" and "Savings". You invest through P2P not save. I beleive that the cash you hold in your account with them is protected by FSCS but anything invested isn't. The other key words are "eligible deposits". I didn't think uninvested cash was covered by FSCS on P2P platforms.It is if the P2P company hold it in a client account in a bank covered by the FSCS and up to the maximum allowable.
|
|
|
FSCS
Jul 12, 2023 17:11:46 GMT
Post by df on Jul 12, 2023 17:11:46 GMT
The other key words are "eligible deposits". I didn't think uninvested cash was covered by FSCS on P2P platforms.It is if the P2P company hold it in a client account in a bank covered by the FSCS and up to the maximum allowable. Yes, the money in client account should be protected, but you wouldn't want to keep much money there because they don't earn you any interest.
|
|