FSCS protection

The Financial Services Compensation Scheme (FSCS) is the UK\'s statutory deposit guarantee scheme. It can pay compensation to customers if an authorised financial firm is unable to pay claims against it — for example if it stops trading or is insolvent.

FSCS is independent of government and the firms it covers. More information is available at fscs.org.uk.

FSCS protects eligible deposits held with UK-authorised banks, building societies and credit unions. This typically includes:

• ✓ Current accounts
• ✓ Savings accounts and cash ISAs
• ✓ Deposits held in client accounts where applicable

Some products — such as certain investments, insurance policies and pensions — may be covered under different FSCS categories with separate limits. Always check your product documentation.

• ✓ Deposits above the compensation limit
• ✓ Money held with firms not authorised in the UK
• ✓ Certain structured products and cryptoassets unless specifically protected
• ✓ Fraud losses (report fraud to us and Action Fraud separately)

If you hold more than £85,000 with the same authorised firm, amounts above the limit are not protected. Holding accounts with different authorised firms gives separate £85,000 limits. Temporary high balances from specified life events (such as a house sale) may receive additional protection for up to six months — see FSCS guidance for details.

If Lloyds Merchant Bank were unable to meet its obligations, FSCS would publish claim guidance. You would not need to wait for the firm to be formally wound up. Compensation is usually paid to your nominated account automatically where possible.

For current FSCS limits and rules visit fscs.org.uk or call 0800 678 1100.