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Are your savings safe?. Pearson May News Update - Monday 10 October
Pearson May news blog
Are your savings safe?
Awareness of the Financial Services Compensation Scheme (FSCS) has failed to increase, despite a £4 million advertising campaign.
The FSCS is the UK's compensation fund for customers of authorised financial services firms, and provided terms are met, could provide compensation of up to £85,000 on savings deposits per financial institution in the event of default.
The importance of the FSCS was highlighted at the beginning of the financial crisis, following the Northern Rock saga, and the collapse of Icesave.
But, despite this, and the £4 million advertising campaign, awareness of the compensation scheme and the way it works remains low.
Mark Neale, chief executive of the Financial Services Compensation Scheme (FSCS) told BBC News: "It did not shift awareness anything like what we were hoping for or expected."
The campaign was launched in January, to coincide with the increase in the safety limit from £50,000 to £85,000. Research conducted at the time found that only 47 per cent of people were aware of the existence of a compensation scheme.
Other areas protected by the FSCS include:
- Insurance policies
- Insurance broking (for business on or after 14 January 2005), including connected travel insurance where the policy is sold alongside a holiday or other related travel (e.g. by travel firms and holiday providers) (for business on or after 1 January 2009)
- Investment business, and
- Home finance (for business on or after 31 October 2004).
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