A guide to the Financial Services Compensation Scheme (FSCS)

The banking crisis of 2008 brought into focus issues around the safety of holding larger sums of money with banks and building societies and savers started to question exactly what would happen if their provider went out of business.

The Financial Services Compensation Scheme (FSCS) was set up to compensate customers if a firm has stopped trading or is unable to pay claims made against it.

But there are things to consider - and even to watch out for - to ensure you’re fully covered, should the worst happen.