If I had more than £85 k in different accounts would I be protected by fcsc. Thanks

Old_Slaphead

Suppose you had £50k each in 2 separate accounts with somebody like KRBS and Charter, each with separate FCSC  licences. Both are part of OSB bank. Also suppose they were FRBs with a couple of years to maturity. 
If OSB decided to cover both banks under 1 licence what protection would account holder have for any excess over £85k ,?

eskbanker

Old_Slaphead said:

Suppose you had £50k each in 2 separate accounts with somebody KRBS and Charter, each with separate FCSC  licences. Both are part of OSB bank. Also suppose they were FRBs with a couple of years to maturity. 
If OSB decided to cover both banks under 1 licence what protection would account holder have for any excess over £85k ,?

I don't believe that FSCS would have the flexibility within its rules to make any concessions on the £85K per banking licence, so suspect that account holders in that situation would be temporarily exposed until the first account matures, unless OSB decided (or was forced by the FCA) to give sufficient notice of its intentions for this not to be an issue....