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Expat Investor : January February 2009
COMPENSATION How much are you covered for? After all the changes to the UK’s Financial Services Compensation Scheme, expats can be forgiven for not knowing what element of their finances are covered. Here’s an essential round up of the current schemes in place. Savings Banks are still coping with the double whammy of bad debts and a cash illiquidity in the system. And we’ve seen the merger of Lloyds TSB and HBOS and the nationalisation of Bradford & 18 EXPAT INVESTOR ? Bingley. The UK government has already nationalized Northern Rock. While ongoing uncertainty prevails about the stability of other financial institutions, savers understandably are moving their January/February 2009 nest-eggs to those banks which appear to provide a blanket of security. But is a big bank a more safe bet than a regional building society? What’s more is a UK-based bank necessarily any more secure than expatinvestor.com one headquartered overseas? The UK’s Financial Services Compensation Scheme (FSCS) offers a safety net for savers and investors if a bank goes bust. The Scheme protects up to £50,000 of an individual’s savings held with each authorised provider. So, if you have savings with a bank that is authorised by the Financial Services Authority (FSA) and it went under, you should get the first £50,000 of savings refunded to you through this Scheme.
March April 2009