Just checking FCA on some companies- what does this mean?

Josquin

From FCA site-

'The Financial Ombudsman Service and the Financial Services Compensation Scheme (FSCS) are the main organisations who may be able to help if something goes wrong when dealing with this firm. The Financial Ombudsman Service may be able to resolve your complaint against this firm if the firm fails to deal with it properly. The FSCS may be able to provide compensation if this firm goes out of business owing you money.

'May be able to'?  Seems a bit vague.

Can they provide compensation or not?

diystarter7

If your cash up to a certain limit goes missing and/or bank/etc goes bust you will get you money back, 100% of it up to the max limit as per FSCS info.

Not all products are protected but generally straightforward savings are.

this will help

https://www.fscs.org.uk/check/

Josquin

That is a very helpful link-thanks.

masonic

Josquin said:

'May be able to'?  Seems a bit vague.

The FOS and FSCS offer protection in relation to regulated firms in relation to regulated activities. Whether they can help you depends on the circumstances surrounding your claim. If you are a consumer and saving into a deposit account, or investing in mainstream retail investments then they will be able to help. But, for example, the FSCS won't be able to compensate you for normal investment losses unless you received unsuitable regulated financial advice, and the FOS cannot look into a complaint if you've left it more than 6 months after receiving a final response from the business.

dunstonh

'May be able to'?  Seems a bit vague.

Not all activities by regulated companies involve regulated transactions.   

Can they provide compensation or not?

Depends on whether the activity/area is regulated.


The FOS and FSCS are there for regulated activity.  Not for things that are not covered by regulation.

Josquin

Thank you dunstonh.

Daliah

Josquin said:

From FCA site-

'The Financial Ombudsman Service and the Financial Services Compensation Scheme (FSCS) are the main organisations who may be able to help if something goes wrong when dealing with this firm. The Financial Ombudsman Service may be able to resolve your complaint against this firm if the firm fails to deal with it properly. The FSCS may be able to provide compensation if this firm goes out of business owing you money.

'May be able to'?  Seems a bit vague.

Can they provide compensation or not?

Rather than looking for a generalised answer which might not exist, what you should do is verify that the account you are thinking of taking out has FSCS cover. Most banks, Building Societies and Credit Unions only offer accounts which have FSCS protection. Others have some accounts which aren't covered.

What account(s) are you looking to open?

Josquin

 I was double checking companies that are listed in MSE on the FCA site-

https://register.fca.org.uk/s/firm?id=001b000000NMXUhAAP.

Scrolling down under each company had the generalised statement I quoted above.

masonic

Josquin said:

 I was double checking companies that are listed in MSE on the FCA site-

https://register.fca.org.uk/s/firm?id=001b000000NMXUhAAP.

Scrolling down under each company had the statement I quoted above.

As long as the firm is authorised, has the 'Banking > Accepting Deposits' activity listed, and you are opening a savings account, then you will be covered.

Josquin

'Rather than looking for a generalised answer which might not exist, what you should do is verify that the account you are thinking of taking out has FSCS cover.'

The link diystarter7 gave has exactly that and  it's very helpful.

masonic

Josquin said:

'Rather than looking for a generalised answer which might not exist, what you should do is verify that the account you are thinking of taking out has FSCS cover.'

The link diystarter7 gave has exactly that and  it's very helpful.

The reason for not relying just on that is that it doesn't contain enough company information (such as website address or phone number) to be sure you are dealing with the genuine company and not a copycat. The FCA register does usually contain this information.