OakNorth Bank Plc and FSCS

kcpdawson

FSCS confirm customer protection for SOME bank services but not which ones.  They advise to ask the Bank itself.  How can I verify that the Notice savings account is included? 

born_again

As they said contact the bank. If they can not give you a answer, then look to move money to one that does give your protection.

https://www.oaknorth.co.uk/wp-content/uploads/2022/02/FSCS_Information_sheet_and_Exclusions_list_20211014-2.pdf

dunstonh

Most financial services firms carry out activities that are regulated and not regulated.   So, the FSCS will only cover regulated activities.   The FCA register will tell you want activities a regulated firm is carrying out.

kcpdawson

Hi, I had hoped the FSCS would tell me which services they regulate in relation to this bank, but they just referred me back to bank.  If the bank does provide me with details, will the FSCS then verify?   

Albermarle

It is clear from their website that savings with them are protected.
OakNorth Bank | Business Loans & Savings Accounts

Protection for peace of mind

As a fully-licensed bank, we offer the same level of protection as the traditional high street banks. When you save with us your money is protected up to £85,000 by the Financial Services Compensation Scheme (FSCS).

artyboy

dunstonh said:

Most financial services firms carry out activities that are regulated and not regulated.   So, the FSCS will only cover regulated activities.   The FCA register will tell you want activities a regulated firm is carrying out.

And to build on that, you
can look them up via the FCA register here.

https://register.fca.org.uk/s/

To be honest, I've found that the register has been getting more and more verbose with its explanations, which isn't great when you're not an expert... but the key point is that OakNorth are regulated for taking deposits (ie holding your money,,, ie 'savings'), so yes, FSCS protected.

Daliah

It's the same for all banks. They will tell you which of their products are FSCS protected, and under which terms. The FSCS does not keep a list of the products of any bank.

kcpdawson

Thanks.  I am a little paranoid and just wanted verification of what the bank post on their website.  The FCA website only increased my concern by not clarifying what services they regulate with the bank, and adding a disclaimer, then directing me back to the bank!  

masonic

Most savings institutions offer only protected accounts. On rare occasions an institution may offer savings accounts which are protected, and other types of accounts (eMoney, credit union bonds, loan notes) which are not. I believe they are required to state an account is FSCS protected in the pre-contract information.

dunstonh

I had hoped the FSCS would tell me which services they regulate in relation to this bank,

The FSCS are not a regulator.

If the bank does provide me with details, will the FSCS then verify?   

no.

The FCA website only increased my concern by not clarifying what services they regulate with the bank, and adding a disclaimer, then directing me back to the bank!  

The FCA website does confirm what permissions the bank holds.   The key one in your case is deposits.  Wording is not consumer friendly but you are a retail customer and the type is deposit.