Coventry BS - Covered by £85,000 guarantee?

Oblivion

I'm just a bit confused here and would appreciate any enlightenment.


My wife has just opened an online savings account with the Coventry Building Society. She's now received the acceptance and loads of paperwork amongst which is a slip of paper which reads as follows ...


"Coventry Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (firm reference number 150892 www.fca.org.uk )
Any reference to the Society being authorised and regulated by the Financial Services Authority should now be read as above."


So, is she covered by the £85,000 guarantee against loss if the Coventry goes bust or not? I thought all that was controlled by the FSA and FSCS. :huh:

2010

Oblivion wrote: »

I'm just a bit confused here and would appreciate any enlightenment.


My wife has just opened an online savings account with the Coventry Building Society. She's now received the acceptance and loads of paperwork amongst which is a slip of paper which reads as follows ...


"Coventry Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (firm reference number 150892 www.fca.org.uk )
Any reference to the Society being authorised and regulated by the Financial Services Authority should now be read as above."


So, is she covered by the £85,000 guarantee against loss if the Coventry goes bust or not? I thought all that was controlled by the FSA and FSCS. :huh:

That`s the new regulator for the finance services after the FSA fell asleep when things went pear shaped in 2008.
You are covered for £85,000 EACH in the Coventry building society.

TCA

http://www.coventrybuildingsociety.co.uk/savings-and-investments/important-info/compensation-scheme.aspx

grey_gym_sock

if you think of the FSA as an amoeba, then it split in 2, resulting in 2 new amoebas, which are the FCA and the PRA.

Oblivion

2010 wrote: »

That`s the new regulator for the finance services after the FSA fell asleep when things went pear shaped in 2008.
You are covered for £85,000 EACH in the Coventry building society.

Ah, thanks very much for that clarification.

Oblivion

grey_gym_sock wrote: »

if you think of the FSA as an amoeba, then it split in 2, resulting in 2 new amoebas, which are the FCA and the PRA.

:rotfl: Very good. Thanks.

Hominu

http://www.fca.org.uk/your-fca/documents/deposit-guarantee-schemes-directive

Glen_Clark

I am sure you won't need the guarantee. The Coventry appears to be the financially strongest of all the major building societies;
http://www.coventrybuildingsociety.co.uk/your-society/financial-results.aspx
http://www.coventrybuildingsociety.co.uk/your-society/treasury.aspx