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Financial Services Compensation Scheme
Whiteaway Laidlaw Bank is a participant in the Financial Services Compensation Scheme. If we cannot meet our financial obligations to you, you may be entitled to compensation under the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to £50,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £50,000 each (making a total of £100,000). The £50,000 limit relates to the combined amount in all the eligible depositor’s accounts with us, including your share of any joint account, and not to each separate account.
The FSCS was set up mainly to assist private individuals, although some smaller businesses are also covered. Larger businesses are generally excluded although there are some exceptions to this.
As an indicative guide only, Sole Traders, Partnerships, Limited Liability Partnerships, Limited Companies and Mutual Associations are usually protected provided they meet two of the following criteria:
- Turnover is not more than £6.5M
- Balance Sheet total is not more than £3.26M
- Total number of employees is not more than 50
The following categories of customer are specifically excluded from the Scheme:
- A large company
- A large partnership
- A large mutual association
- A local, provincial or municipal authority
- A credit institution
- An overseas financial services institution
- An operator or trustee of a collective investment scheme
- A pension and retirement fund or a trustee of such a fund
- A supranational institution
- A government, or central administrative authority
- A person holding 5% or more of the capital of Whiteaway Laidlaw Bank
- The auditors of Whiteaway Laidlaw Bank
- The person considered responsible in the event of the default of Whiteaway Laidlaw Bank which triggers the FSCS
- A person whose claim arises from transactions relating to a conviction they have received for money laundering
Full details about the scheme can be obtained from the Financial Services Compensation Scheme on 020 7892 7300, Financial Services Compensation Scheme website or in the Financial Services Compensation Scheme leaflet.
Monday, January 18, 2010
