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  • FIRST POST
    • man5
    • By man5 10th May 18, 6:57 AM
    • 12Posts
    • 1Thanks
    man5
    FSCS Proctection
    • #1
    • 10th May 18, 6:57 AM
    FSCS Proctection 10th May 18 at 6:57 AM
    For joint accounts the max protection is 170000 per bank?
    If I have more than one joint account with the same bank are all the accounts protected or just one.
Page 1
    • Linton
    • By Linton 10th May 18, 7:11 AM
    • 9,409 Posts
    • 9,550 Thanks
    Linton
    • #2
    • 10th May 18, 7:11 AM
    • #2
    • 10th May 18, 7:11 AM
    It is the total amount of money that is taken into account. If your money is lost because a banking company goes bust and is unable to pay you from its own resources FSCS will pay you up to 85K no matter how the money is split in your accounts.

    Note that some banking companies own different brands that may or may not be separately registered with FSCS. So although Halifax and Lloyds are owned by the same company each is protected up to 85K whereas Clydesdale and Yorkshire are regarded as being the same bank.
    Last edited by Linton; 10-05-2018 at 7:19 AM.
    • antrobus
    • By antrobus 10th May 18, 7:59 AM
    • 15,783 Posts
    • 22,465 Thanks
    antrobus
    • #3
    • 10th May 18, 7:59 AM
    • #3
    • 10th May 18, 7:59 AM
    ...

    Note that some banking companies own different brands that may or may not be separately registered with FSCS. So although Halifax and Lloyds are owned by the same company each is protected up to 85K whereas Clydesdale and Yorkshire are regarded as being the same bank.
    Originally posted by Linton
    It's not a question of 'regarded' more of fact; Yorkshire Bank is a trading name of Clydesdale Bank PLC. Halifax is a trading name of the Bank of Scotland PLC, The Bank of Scotland is a subsidiary of the Lloyds Banking Group, as is Lloyds Bank Bank PLC, thus Lloyds and BoS have their own banking licences.

    And it's not a question of registering with FSCS, it's a question of authorisation by the Prudential Regulation Authority (and thus regulation by the Financial Conduct Authority). It's the PRA that hands out banking licences.

    People therefore simply need to check the status of the 'brand' that holds their money. It's usually disclosed at the bottom of the webpage or in the About Us section.
    • Keep pedalling
    • By Keep pedalling 10th May 18, 8:17 AM
    • 5,211 Posts
    • 5,818 Thanks
    Keep pedalling
    • #4
    • 10th May 18, 8:17 AM
    • #4
    • 10th May 18, 8:17 AM
    Sounds like you are sitting on far to much cash.
    • AirlieBird
    • By AirlieBird 10th May 18, 8:20 AM
    • 1,039 Posts
    • 849 Thanks
    AirlieBird
    • #5
    • 10th May 18, 8:20 AM
    • #5
    • 10th May 18, 8:20 AM
    People therefore simply need to check the status of the 'brand' that holds their money. It's usually disclosed at the bottom of the webpage or in the About Us section.
    Originally posted by antrobus
    The brands covered together are stated in the institution's FSCS information sheet that you are required to have read when opening an account and periodically sent while remaining a customer.
    Did you really mean to put loose?
    Lose: no longer possess, not to retain, unable to find
    Loose: not firmly or tightly fixed in place
    • man5
    • By man5 10th May 18, 8:37 AM
    • 12 Posts
    • 1 Thanks
    man5
    • #6
    • 10th May 18, 8:37 AM
    • #6
    • 10th May 18, 8:37 AM
    It is Investec bank I am considering.
    • the_mandarin
    • By the_mandarin 12th May 18, 12:00 AM
    • 44 Posts
    • 7 Thanks
    the_mandarin
    • #7
    • 12th May 18, 12:00 AM
    • #7
    • 12th May 18, 12:00 AM
    I found this on the Investec website

    https://www.investec.com/content/dam/united-kingkom/Downloads-and-documents/private-banking/FSCS-Information-and-Exclusions.pdf

    They have not mentioned any sister concerns that come under their "umbrella" so they may not have any.
    • the_mandarin
    • By the_mandarin 12th May 18, 12:05 AM
    • 44 Posts
    • 7 Thanks
    the_mandarin
    • #8
    • 12th May 18, 12:05 AM
    • #8
    • 12th May 18, 12:05 AM
    It's usually disclosed at the bottom of the webpage or in the About Us section.
    Originally posted by antrobus
    I would have thought so, but it was surprisingly difficult to find. There is no "About Us" link on their website, and even their FSCS information is not easily available. The link that I posted above was found under their Fixed Deposit schemes section

    https://www.investec.com/en_gb/savings-accounts/access-after-a-fixed-term.html
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