Marks & Spencer ISA: Guaranteed by govt ?

mgh

Hello there.
I am interested in opening the M&S ISA as it allows transfers in and pays 3.1%.
Could anyone confirm if its covered by the governments guarantee scheme upto £50k
Many thanks
Matt

Lokolo

Who is M&S Money owned by?

M&S Money is a trading name of Marks and Spencer Financial Services plc, a wholly owned subsidiary of HSBC Bank plc. HSBC operates in more than 85 countries and with over 100 million customers, the group is one of the world’s largest financial services organisations and remains one of the most strongly capitalised and liquid banks in the world.

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HSBC is/are covered.

turbobob

They are authorised by the FSA so yes they are covered by the FSCS (Financial Services Compensation Scheme).

Baldur

mgh wrote: »

Could anyone confirm if its covered by the governments guarantee scheme upto £50k

The Government doesn't operate the £50,000 compensation scheme, it's the function of the FSCS.

Marks & Spencer Financial Services Plc is authorised in its own right by the Financial Services Authority and is, therefore, covered by the FSCS in exactly the same way as other UK authorised savings institutions.

agsnu

Deposit taking of any kind is a regulated activity, so any legitimate company in this country taking deposits is a member of the FSA and covered by the FSCS.

Only exceptions to this are when schemes are EEA authorised and supervised by their home deposit schemes.