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Building Societies.. "Meeting Obligations"...
Iredale
Posts: 1 Newbie
:money: I'm thinking of remortgaging to another Building Society called Hinckley and Rugby BS who state on their website that they are regulated by the FSA on 206043 and that they are covered by the Financial Service Compensation Scheme (FSCS). My remortgage would be for £60K however, I felt uncertain with the details they stated in their policy on compensation (I guess this happens if the BS collapses!?) and wondered if this is standard with other banks and buildings societies:
"We are covered by the FSCS. 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
Mortgage advising and arranging is covered for 100% of the first £30,000 and 90% of the next £20,000 so the maximum compensation is £48,000
Further information about compensation scheme arrangements is available from the FSCS"
Your thoughts on this matter will be gratefully received... thanks.
"We are covered by the FSCS. 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
Mortgage advising and arranging is covered for 100% of the first £30,000 and 90% of the next £20,000 so the maximum compensation is £48,000
Further information about compensation scheme arrangements is available from the FSCS"
Your thoughts on this matter will be gratefully received... thanks.
0
Comments
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fairly standard ... remember in tyhe unlikely event of them going under... its you that owes them money anyway !Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
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