The Financial Services Compensation Scheme

You may be entitled to compensation from the scheme if we cannot meet our obligations.

For more information about the compensation provided by the FSCS (including amount covered and eligibility to claim) please refer to the FSCS website at

Alternatively, please refer to the Information Sheet and Exclusions List (for retail accounts), or the Information Sheet and Exclusion list (for business accounts).

What is the maximum amount of compensation I can claim?

In the unlikely event that our company became insolvent, if a customer has deposited money with us in current accounts, deposit accounts or savings accounts, the maximum amount of compensation is £85,000 per customer. This includes the Guaranteed Stock Market Bond.

Does the compensation limit apply to each bank account I have with The Co-operative Bank p.l.c.?

No. The limit applies once to all accounts a customer has with The Co-operative Bank, smile and Britannia.

What about the account used for my business?

The FSCS protects both retail and business depositors, however, a deposit is excluded from protection if:

1) The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements.

2) The deposit arises out of transactions in connection with which there has been criminal conviction for money laundering

3) It is made by a depositor which is one of the following:

  • Credit Institutions
  • Financial Institutions
  • Investment Firms
  • Insurance undertaking
  • Reinsurance undertaking
  • Collective Investment undertaking
  • Pension or retirement fund
  • Public authority, other than small local authority

For more information please refer to the Information Sheet and Exclusions List.

What types of business accounts are covered?

The scheme covers deposit accounts, including both business current (bank) and business savings (deposit) accounts up to a limit of £85,000.

I am an owner/director and have both a business and a personal account with you, does this affect my cover?

Business and personal accounts are normally separate for the purposes of protection under the scheme. The exception to this is sole traders, where the maximum protection limit covers the combination of all balances deposited.

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