Financial Services Compensation Scheme (FSCS)

Reeves - The Pension Specialists are an independent financial advisers authorised by the Financial Conduct Authority (FCA).  This means we provide regulated and authorised advice which is covered by the Financial Services Compensation Scheme (FSCS).

What is the FSCS?

The FSCS is the UK's compensation fund of last resort for customers of authorised financial service firms. They pay compensation if a firm is unable, or likely to be unable, to pay claims against it. This is usually because it has stopped trading or has been declared in default. 


Impartial and Independent
Independent from the government and the financial industry, the FSCS was set up under the 'Financial Services and Markets Act 2000', operating since 1st December 2001 (but they still cover claims before this date). There are no charges to consumers for using this service.                                                                                                                                                                                                     

What does the FSCS cover?
The FSCS covers business conducted by firms authorised by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), the independent watchdogs set up by government to regulate financial services in the UK and protect the rights of consumers. European Firms (authorised by their home state regulator) that operate in the UK may also be covered.  

The FSCS Protects:

  • check
    Deposits
  • check
    Insurance policies
  • check
    Insurance broking (for business on or after 14th January 2015), including connected travel insurance where the policy is solid alongside a holiday or other related travel (e.g by travel firms and holiday providers, and for business on or after 1st January 2009)
  • check
    Investment businesses
  • check
    Home finance (for business on or after 31st October 2004)

There are limits to the protection available.
As a fund of last resort, there are limits to the amount of compensation the scheme can pay.

For more information, please visit the Financial Services Compensation (FSCS) website
www.fscs.org.uk