FSCS Published Standards

Detailed below are their published standards:

FSCS must be able to protect consumers in a crisis or in the event of major failures to maintain public confidence and financial stability.

FSCS is known and trusted for protection that puts people back on track through outstanding customer experience.

FSCS collaborates with regulatory and industry stakeholders to prevent future failure and to reduce compensation costs.

The full range of FSCS protection is known about and trusted.

FSCS aim to build and maintain the trust of everyone we work with through rigorously independent decisions, efficient operations, resilience in tackling financial failures and always putting our customers first.

FSCS don't just protect consumers with claims against failed firms, we promote awareness and understanding of FSCS protection, learn lessons and work with our stakeholders to help prevent future costs and failures.

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FSCS Mission Statement

FSCS mission is to provide a trusted compensation service for customers when financial firms fail. This helps to raise public confidence in the financial services industry.

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Thresholds

Up to £85,000 per eligible person, per bank, building society, credit union, or regulated firm. Up to £170,000 for join accounts.

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How Long Will A Claim Take?

FSCS will investigate your claim as quickly as possible. As each claim is unique they can’t predict exactly how long it will be before they can give you a decision.

The information below shows how long it is currently taking FSCS to complete most claims (8 out of every 10) that they receive for different products.

This gives you an idea of the amount of time it is likely to take from making an FSCS application to receiving a decision letter.

This data includes all claims that have been completed within the past 9 months and was last updated on 5 March 2024.


Claim type (Most customers get their decision within):

Pensions:  from 9 months - 15 months, however complex Defined Benefit Transfers can take up to 24 months.

Investments: from 9 months - 12 months, subject to the status of the firm  
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(The above timescales illustrations do not include the time it takes to obtain evidence and prepare your claim)

Have you been affected?

At CP Financial Claims, our goal is utmost transparency. You'll only be charged a fee if we successfully secure financial redress for you. The success fees can range from 15% to 30% of your settlement, depending on the amount. For more information, click here. In the event that you pursue your claims until the end but they turn out to be unsuccessful, you won't owe any payment. If you decide to cancel your claim after the 14-day cooling-off period but before the process concludes, there may be a cancellation charge. To learn more about cancellation fees, click here.

It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.

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