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What if........
Ictoan_2
Posts: 1 Newbie
What happens if (hopefully hypothetically) the company I have purchased an endowment, to cover my mortgage, goes under? Are we covered in a similar way to a bank?
Tim
Tim
0
Comments
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The short answer is yes, though you'll need to examine the detail.
On the face of it compensation limits seem higher than savings at 48,000 rather than 35,000.
http://www.fscs.org.uk/consumer/key_facts/limitations_of_the_scheme/compensation_limits/I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Endowments fall under life assurance so its even better. 100% of the first £2,000 plus 90% of the remainder of the claim.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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