Protection through Embedded Banking
Financial Services Compensation Scheme
The Financial Services Compensation Scheme (FSCS) can provide compensation if a covered deposit is unavailable because a bank, building society, investment firm or credit union is unable to meet its financial obligations, depositors are repaid by a Deposit Guarantee Scheme. This repayment covers a maximum of £85,000 per bank, building society, investment firm or credit union. This means that all eligible deposits at the same bank, building society or credit union are added up to determine the coverage level. If, for instance, a depositor holds a savings account with £80,000 and a current account with £20,000, he or she will only be repaid £85,000.
This method will also be applied if a bank, building society, investment firm or credit union operates under different trading names. ClearBank offers services through a number of partners and for the purposes of compensation from the FSCS, if you hold deposits directly with ClearBank or through one or more of the firms listed below, these will be aggregated up to a total of £85,000.