Fscs £85k protection

Sally1436

Hi all
I'm doing my nut in trying to figure out how to work out if banks share a license....so the £85k fscs protection is shared. I've googled and keep getting sent to fscs website. 

But I can't work it out 

masonic

Does this help? https://www.moneysavingexpert.com/savings/safe-savings/#whatcounts

Cashmygiro

List not up to date, Manchester Building Society now a trading name of Newcastle and shares same FSCS protection.

https://www.themanchester.co.uk/Savings/FSCS#:~:text=The FSCS can pay compensation,to each individual deposit held.

DullGreyGuy

Sally1436 said:

Hi all
I'm doing my nut in trying to figure out how to work out if banks share a license....so the £85k fscs protection is shared. I've googled and keep getting sent to fscs website. 

But I can't work it out 

May be easier if you name the two entities you are trying to work out if are one or two banks

eskbanker

There used to be a definitive list published by the PRA but, as in the thread below, I haven't been able to find a current version of it for a while, does anyone know if it's still made available in list form?

https://forums.moneysavingexpert.com/discussion/6447849/fscs-scheme-shared-institutions

masonic

Cashmygiro said:

List not up to date, Manchester Building Society now a trading name of Newcastle and shares same FSCS protection.

https://www.themanchester.co.uk/Savings/FSCS#:~:text=The FSCS can pay compensation,to each individual deposit held.

It might be worth highlighting the error for correction: https://www.moneysavingexpert.com/site/site-contacts/

subjecttocontract

I don't tend to be concerned if I go over the 85K FSCS limit temporarily. I'm currently over with Santander but have an ISA transfer out underway that will bring me within the limit. I'm also over with another bank and will be for a couple of months until I can transfer another ISA out of that account. 

coastline

Google the following for 2023 .. " LIST OF BANKING AND SAVINGS BRANDS PROTECTED BY THE SAME FSCS COVERAGE COMPILED BY THE BANK OF ENGLAND AS AT 1 January 2023 " It comes in a PDF file.

eskbanker

coastline said:

Google the following for 2023 .. " LIST OF BANKING AND SAVINGS BRANDS PROTECTED BY THE SAME FSCS COVERAGE COMPILED BY THE BANK OF ENGLAND AS AT 1 January 2023 " It comes in a PDF file.

Thanks, yes, that's the one, but (a) it's nine months out of date (they used to be published monthly) and (b) there doesn't seem to be any way of navigating to it other than via the URL itself, i.e. there's no route that I can find that takes you there from https://www.bankofengland.co.uk/prudential-regulation/authorisations/which-firms-does-the-pra-regulate or similar.

boingy

I've always thought it's a bit off for banks to be allowed to share a licence from a protection viewpoint. It really should not be up to customers to try to figure out whether the £85k cover is shared across multiple brands.

subjecttocontract

boingy said:

I've always thought it's a bit off for banks to be allowed to share a licence from a protection viewpoint. It really should not be up to customers to try to figure out whether the £85k cover is shared across multiple brands.

I quite agree. History won't be kind to the current arrangements.