FSCS protection for non residents

chrisweb

Does the FSCS cover of £85k apply to non UK residents (but UK citizens) too?

opinions4u

Yes, it does.

ESKIMO

It kind of covers both. But depends how they are packaged ie the FSCS is designed to cover the bank or financial institution in the UK like say B&B or RBS.

You can still be a non UK resident and be covered - if for example you 'purchased' a financial product in the UK - which of course is part of the EU!

Think of Banko Santander for example; Spanish Bank, with 'tailored' British/UK 'packaged' products - covered and governed by that nations laws and legislation. - Such as the Financial Services Authority (FSA) - the authorised regulator of finanical products etc, Financial Services Compensation Scheme (FSCS) - the government guarantor - basically a government backed (taxpayer funded) insurance policy, FOS (Fiancial Ombudsman Service) - the financial big wigs (sorry 'lawyers') and so on.

Interestingly though when the likes of Santander gets it's mits on the likes of Abbey, Alliance and Leicester and Bradford & Bingley, now RBS YES (which i just received a letter about the other day) they are 'amalgamated' or 'merged' into one financial body - which is a feeble attempt by the UK govt. to reduce its liabilities should the banks go bump.

I can guarantee for a fact that we will see many more redundancies going into the new year adding to our 2.6m unemployment figures which is more of a running total atm - just doesn't eem to be going down. - I already have 3 Santanders no, 4 in fact plus one more! 5 Santanders in my high-street! Phwwarr... I feel sorry for them. I really do.

On a slight side note i would predict that we should see a slight positive 'blip' in the unemployment figures towards the end of the first quarter in March/April as the 2012 London Olympics should make up for some serious employment, just like the Office for National Statistics did back in Mar - Jun with the Census. But then the number of unemployed will increase again. - I think!

Financial Serices Authority: www.fsa.gov.uk

http://www.fsa.gov.uk/Pages/consumerinformation/compensation/index.shtml

http://www.fsa.gov.uk/Pages/consumerinformation/compensation/limits/index.shtml

gozomark

your residency and citizenship are irrelevant - all that matters is the bank licence