Financial Services Compensation Scheme
Progressive Building Society is a participant in the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000.
The Financial Services Compensation Scheme (FSCS) acts as a safety net for customers of financial firms. The FSCS is industry funded and covers deposits, insurance and investments. The FSCS covers business conducted by firms regulated by the Financial Services Authority (FSA), the UK's regulator for the finance sector.
Progressive Building Society is authorised and regulated by the Financial Services Authority (FSA), and is entered in its Register under number 161841.
The FSCS can only pay compensation if a regulated firm is unable, or likely to be unable to pay claims against it. In general, this is when a firm goes out of business. Failures of banks, building societies, insurance companies and securities houses are fortunately rare but if the worst does happen, the FSCS is there to help.
The compensation limit of £85,000 applies to each depositor for the total of their deposits with an organisation, regardless of how many accounts they hold or whether they are a single or joint account holder. In the case of a joint account, FSCS will assume that the money in that account is split equally between account holders, unless evidence shows otherwise.
This means that each account holder in a joint account would be eligible for compensation up to the maximum limit. Where two depositors hold a joint account, the compensation limit of £85,000 is available to each depositor. (i.e. a total of £170,000 for the account).
Individuals are covered by the FSCS. However, there are a number of exclusions which include:
- A large company
- A large partnership
- A large mutual association
- A local, provincial or municipal authority
- The Auditors of Progressive Building Society
- A person considered responsible for the default of the Society which triggers the FSCS.
- A person whose claim arises from transactions relating to conviction they have received for money laundering.
A booklet entitled 'How do I apply for compensation' confirming current limits is available from our branch offices.
Contact details of our Head office and local branches are available from the Locations Tab on our website. We can also be contacted using the Contact Us form.