Financial Services Compensation Scheme

FSCS logo

The Financial Services Compensation Scheme and it is an independent, free to use scheme. You can be paid compensation through the scheme if your financial services provider can no longer honour the deposits in your account.

If you are an individual or small business, your money held in deposit accounts (including current account and savings) is protected up to £85,000 per person per authorised firm.

Unity is a single authorised firm and does not share this authorisation with any other brand so you have protection for all of your deposits with Unity up to the £85,000 limit.

Trade Unions and Councils (both town and parish) are exempt from this scheme and will not be able to claim compensation. For other organisations, including charities, there must be an assessment against an eligibility criterion. These organisations are covered to the same level as individuals.

To be a small company, and therefore to be covered by the scheme you must meet two of the following criteria (as set out in section 382 of the Companies Act 2006):

  • Turnover: not more than £6.5 million
  • Balance sheet total: not more than £3.26 million
  • Total number of employees: not more than 50

You are usually covered if you are a:

  • Unincorporated body (certain charities, clubs etc) with net assets not more than £1.4 million
  • Limited company (this includes Registered Charities) which falls into the definition of a small company (as above).
  • Sole Traders.

Large mutual associations with net assets of more than £1.4 million are not entitled to claim under the scheme. Please note that the decision on whether any claim is eligible if the bank goes into default ultimately lies with the FSCS. 

On contacting the FSCS, the claim against a bank or building society should take 7 days to complete, however in more complex cases this can take up to 20 days. Claims concerning other financial products can take up to six months.

Please note there are some exemptions that cannot be claimed for including ALTO card, electronic payment services such as Paypal and insurance policies for marine, aviation or transport businesses.

You are also protected by the FSCS if your insurance policy provider can no longer pay valid claims or return your deposits. The FSCS will seek to find you a continuation policy and can pay up to 90% of your claim with no upper limit. You can also claim if you have been mis-sold an insurance policy or were a victim of fraud and cannot get your money back from the insurance broker. Compulsory insurance is always protected in full.

For further information about the compensation provided by the FSCS (including the amounts covered and eligibility to claim) please call us on 0345 140 1000, refer to the FSCS website - - or call the FSCS direct on either 0800 678 1100 or 020 7892 7300. Please note only compensation related queries should be directed to the FSCS.

You can check whether you are an eligible claimant by viewing the FCA's handbook.