INFORMATION SHEET TO BE RETAINED BY NEW MEMBER
FINANCIAL SERVICES COMPENSATION SCHEME INFORMATION
- Eligible deposits in Beacon are protected by the Financial Services Compensation Scheme (FSCS)
- The limit of protection is £85,000 per depositor (Member) per Credit Union. If you have more than £85,000 in your accounts with HCU, the total protection is limited to £85,000.
A deposit is excluded from protection if:
- The holder and any beneficial owner of the deposit have ever been identified in accordance with money laundering requirements. For further information, contact your bank, building society or credit union.
- The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering.
- It is a deposit made by a depositor which is one of the following:
- credit institution;
- financial institution;
- investment firm;
- insurance undertaking;
- reinsurance undertaking;
- collective investment undertaking;
- pension or retirement fund (unless deposits are by personal pension schemes, stakeholder pension schemes & occupational pension schemes of micro, small and medium, sized enterprises);
- public authority, other than a small local authority.
- companies
REIMBURSEMENT
The responsible Deposit Guarantee Scheme is the Financial Services Compensation Scheme. It will repay your eligible deposits (up to £85,000) within 20 working days until the 31 December 2018; within 7 working days, save where specific exceptions apply.