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Financial Services Act Protection for Savers!
A.M.MORRIS
Posts: 3 Newbie
Can anybody tell me whether the FSA protection of £35,000 ((£2000 +90% etc) that is quoted against each 'Institution' applies to each of the component parts of an organisation or the Group as a whole, i.e. Cheltenham & Gloucester and Lloyds TSB. Is the groups classed as one 'Institution' or is an account in each protected? Help - your advice would be appreciated.
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Comments
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Martin has just written a guide to which institutions are linked:
http://www.moneysavingexpert.com/savings/safe-savings
Regards,
Rob0 -
Each group is considered separate, but wholly owned subsidiaries are not covered by an individual guarantee, so you would need to split your capital between different groups to obtain maximum protection if you are keeping more than £35k in a savings account.A.M.MORRIS wrote: »Can anybody tell me whether the FSA protection of £35,000 ((£2000 +90% etc) that is quoted against each 'Institution' applies to each of the component parts of an organisation or the Group as a whole, i.e. Cheltenham & Gloucester and Lloyds TSB. Is the groups classed as one 'Institution' or is an account in each protected? Help - your advice would be appreciated.I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0
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