Financial safeguards

Many people have already felt the financial impact of the pandemic and want reassurance that any savings they have will be protected.

If your savings are in an account with a UK-authorised bank, building society or credit union that fails, the Financial Services Compensation Scheme (FSCS) provides a safeguard adding a valuable level of reassurance. The FSCS pays compensation for the following:

  • up to £85,000 per eligible person, per bank, building society or credit union
  • up to £170,000 for joint accounts.


The FSCS will automatically compensate you if the institution goes bust, meaning you do not need to take any action yourself. It’s a good idea to spread your savings across a number of financial institutions, so that you don’t hold any more than £85,000 with one. This is because the FSCS will only cover £85,000 per person, per FCA authorised institution. Accounts held with deposit-takers that operate under a shared FCA licence will be aggregated for the purposes of the scheme.

We can help you keep on top of your cash balances.


A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation. The value of investments and income from them may go down. You may not get back the original amount invested.