Is money held covered?

Marus78

In the event of another banking crisis individuals cash balances are protected up to £85,000. I have read the MSE guide on this subject and understand it is per individual per institution (in this case per bank or banking group).

Does anyone know what happens where a company is holding client money in a ring fenced bank account, and the bank were to get into difficulties? Are individuals amounts held covered up to the same limit, and if so, do the same rules apply? So if the company holding client funds uses the same banking institution as the individual uses, then is the individual only covered for £85,000 in aggregate across both their own personal bank savings and the client cash account held by the company?

Keep_pedalling

Have a read of this.

http://www.lfpro.co.uk/changes-to-the-financial-services-compensation-scheme