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Financial Services Compensation Scheme (FSCS)

How your money is protected


Let's help you save and manage your money with confidence. 

When you save with Principality Building Society, your money is protected by the UK's deposit protection scheme. Here we explain what that protection means, what's covered, and how it applies to the different products we offer. 

You can check whether a financial services provider is authorised on the FSCS website. This can be useful if you’re comparing providers or considering placing larger balances.

For full information you can always visit the FSCS website.

FSCS logo

Summary of protection with us

Find out more about your eligible protections with us and any exclusions. 

Savings

Your eligible deposits held by a UK establishment of Principality Building Society are protected up to a total of £120,000 by the FSCS, the UK's deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.

Mortgages

The FSCS may be able to help if a firm has advised you to enter into a mortgage agreement that wasn’t suitable for you, and you lost money as a result. The FSCS can pay compensation if that firm defaults and the maximum level of compensation is £85,000 per person per firm.

Insurance

The FSCS can pay compensation if your insurance provider fails and cannot pay valid claims under your policy or return your premiums. The types of policies covered include long term insurance policies like life insurance. 

A guide to the FSCS

Find more about the FSCS and how they help protect your money. 

Your FSCS questions answered

The Financial Services Compensation Scheme is the UK’s statutory compensation scheme for customers of authorised financial services firms.

It exists to protect customers if a financial services provider fails and is unable to meet its obligations.

The FSCS is funded by the financial services industry and backed by the UK Government.



Eligible deposits of up to £120,000 per person held with Principality Building Society are protected by the FSCS.

This means that if Principality were to fail, the FSCS would aim to repay your eligible savings, up to the protection limit.

FSCS protection applies to most savings products, including:

  • Cash ISAs
  • Fixed rate bonds
  • Regular savings accounts
  • Easy access savings accounts

The current FSCS protection limit is £120,000 per person, per authorised institution.

If you hold more than £120,000 with one authorised provider, any amount above this limit is unlikely to be covered.


Joint accounts and multiple accounts

FSCS protection works per person, not per account.

•    Joint accounts are protected up to £120,000 per account holder (£240,000 in total).

•    If you hold multiple savings products with the same provider, the total balance across all eligible accounts is added together when applying the £120,000 limit.

FSCS protection applies per authorised institution.

If you save with more than one authorised provider, you may be protected up to £120,000 with each one,  provided they’re separately authorised.

Some savers choose to spread larger balances across different providers to make the most of their protection allowance.

If a financial services provider fails:

  • The FSCS steps in to protect eligible customers.
  • Most deposit claims are paid automatically.
  • You don’t need to make a claim in most cases.

The FSCS aims to make the process as quick and straightforward as possible.

Further information

For more information visit the FSCS website.

Visit FSCS