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Financial Services Compensation Scheme |
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Bath Building Society is a member of the The Financial Services Compensation Scheme (FSCS) that was established under the Financial Services and Markets Act 2000. The FSCS is the UK's statutory fund of last resort for customers of authorised financial services firms. This means that FSCS can pay compensation if a firm is unable, or likely to be unable, to pay claims against it. FSCS is an independent body, set up under the Financial Services and Markets Act 2000 (FSMA). From 31 December 2010 there's an important change to how customers' money is protected if something goes wrong with their bank or building society and it is unable to meet its financial obligations to those who have made deposits. The changes are in the provisions of the Financial Services Compensation Scheme, which can pay compensation and covers most depositors, including most individuals and small businesses.
New limit From 31 December 2010 the FSCS is raising the level of protection for an individual from £50,000 per financial institution to £85,000. For those people who have a joint account, each account holder is protected for their share. This means that the maximum amount which can be claimed, for a joint account, is increased to £170,000. For further information about the scheme, including eligibility and details on how to claim visit the FSCS <http://www.fscs.org.uk/>
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