Financial Services Compensation Scheme

The Financial Services Compensation Scheme (FSCS) is the UK's deposit protection scheme of last resort for customers of authorised financial services firms. It is impartial and independent of the government and financial sector and was set up under the Financial Services and Markets Act 2000. The FSCS may be able to pay compensation if a firm is unable, or likely to be unable, to pay claims against it. 

All your eligible deposits with Newcastle Building Society are protected up to a total of £75,000 by the FSCS. Any deposits you hold above the £75,000 limit are not covered.

Why your money is safe with us:

  • Compensation is currently available on up to £75,000 for sole accounts and £150,000 for joint accounts.
  • Largest Building Society to be based in the North East

Introduction

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.

Financial Services Compensation Scheme Information Sheet

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.