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What is the Financial Services Compensation Scheme?

 

The Financial Services Compensation Scheme is an independent organisation which was set up by the UK government and is solely funded by financial services member companies. So every company who offers financial services,for example; banks,insurance companies,insurance brokers etc. pays into the scheme, either directly or indirectly.

 

The FSCS describe themselves “FSCS exists to protect customers of financial services firms that have failed. If the company you’ve been dealing with has failed and can’t pay claims against it, we can step in to pay compensation.” Taken from the https://www.fscs.org.uk/about-us/ January 2020.

 

They then later describe themselves as the “last line of defense when things go wrong “

 

You may not of heard of them but they do amazing work and have helped over 60 million people receive the payments that they we due.

 

So how does this affect your Easy Gap Insurance policy?

 

Well hopefully you will never need to use the Financial Services Compensation Scheme ( FSCS for short ) but they are there ready and waiting to help should the underwriters of your policy not be in a position to settle your claims.

 

We stress we do not for one second expect the underwriters to have any financial issues whatsoever and are in fact extremely financially stable but what if. After all we live in an uncertain economic world. So it is good to know that should the worst ever happen and you need to make a claim and the underwriters not be in financial position to settle your claim that they are there to make sure that you are protected.

 

For a full list of details on the amazing work that the FSCS does and how they may be able to help please visit their website https://www.fscs.org.uk/what-we-cover/insurance/. Please remember that if you are a business with a turnover of over 2 million pounds then the rules of protect are different and you may not be entitled to protection under the scheme.

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Protected by the Financial Services Compensation Scheme.

FSCS