Financial Services Compensation Scheme
Your eligible deposits with Newcastle Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme. Any deposits you hold above the £85,000 limit are not covered.
Please click here for further information or visit www.fscs.org.uk.
Why your money is safe with us:
- Compensation is currently available on up to £85,000 for sole accounts and £170,000 for joint accounts. However, with effect from 1 January 2016, the level of cover the FSCS provides will change to £75,000 for sole accounts and £150,000 for joint accounts
- No investor in a building society has lost any of their investment since records began and probably a long time before that. (Source: BSA)
- Largest Building Society to be based in the North East
All UK building societies are participants in the Financial Services Compensation Scheme established under Part XV of the Financial Services and Markets Act 2000. The Scheme is administered by the Financial Services Compensation Scheme (FSCS). The Scheme is governed by PRA Rules.
Activation of the Scheme
Before the Scheme can be activated, the PRA or a court must make a determination about a building society participant in the Scheme. This would usually happen if it was determined that a participant was unable to repay investments which were due and payable. An example of where this might happen is if there had been a winding-up order in insolvency proceedings.