Financial Services Compensation Scheme
You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000.
The Co-operative Bank also operates under the trading names of smile and Britannia. As such, the £85,000 compensation limit applies to the combined amount of deposits held with The Co-operative Bank, smile and Britannia.
Although the vast majority of our customers will be covered by the FSCS, in line with the maximum amount per person, certain customers are not covered. The exclusions include large businesses or organisations, large companies, large mutual associations and local authorities. www.fscs.org.uk for further details.
For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the Bank, including their share of any joint account, and not to each separate account.
Mortgage advising and arranging is covered up to a maximum limit of £50,000.
Insurance advising and arranging is covered for 90% of the claim, without any upper limit.