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PCF Bank

sunsetboulevard
sunsetboulevard Posts: 140 Forumite
Part of the Furniture 10 Posts Name Dropper Combo Breaker
in Savings & investments
Hi, am thinking of opening an account at the above bank. I have checked on the FCA website which states they are 'authorised'. Does this automatically mean they are covered by the FSCS so I could get my money back if the bank failed?

Thanks.

Comments

  • The_Green_Hornet
    The_Green_Hornet Posts: 1,675 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Their website states "Any money that you save with PCF Bank is protected by the Financial Services Compensation Scheme. This protects eligible deposits up to a max of £85,000 per person.", so yes you will get your money back (up to FSCS limits) if it fails.
  • Malthusian
    Malthusian Posts: 11,055 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    Jo101 wrote: »
    I have checked on the FCA website which states they are 'authorised'. Does this automatically mean they are covered by the FSCS so I could get my money back if the bank failed?

    Not by itself. But they are authorised to accept deposits (see under "Permissions"), which means that if you put money in a deposit with them, it is covered by the FSCS.
  • murphydavid
    murphydavid Posts: 834 Forumite
    Part of the Furniture 500 Posts Name Dropper
    Jo101 wrote: »
    Hi, am thinking of opening an account at the above bank. I have checked on the FCA website which states they are 'authorised'. Does this automatically mean they are covered by the FSCS so I could get my money back if the bank failed?

    Thanks.

    Hi, Over a year ago now but I have just discovered them. Did you do it? If so was / is it a good experience? Thanks
This discussion has been closed.
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