Are offshore deposits covered?
deposits outside the European Economic Area (EEA), or in the Channel Islands or Isle of Man are not covered. The Scheme was set up mainly to assist private individuals, although some smaller businesses are also covered. Larger businesses are generally excluded, although there are some exceptions to this for deposit and insurance claims. The above is taken from the The Financial Services Compensation Scheme Limited website and hopefully will help savers to sleep easier without the need for them to withdraw money from financial institutions and keep it under the matress! A link to the FSCS website is on useful tools page. Details of the update to the UK scheme (FSCS) 03 October 2008 The Financial Services Authority (FSA) has today increased the compensation limit for bank deposits from 35,000 up to a total of 50,000 for each customer’s claim. This increase applies from Tuesday 7 October 2008. Customers with joint accounts will be eligible to claim up to 100,000. Hector Sants, FSA’s chief
