Posted on: 26th Feb 2018 by: CamOuse Financial Management Limited
Following the financial crisis of 2008 when a number of big British banks came close to collapsing, the Financial Services Compensation Scheme (FSCS) was strengthened by the government. As such, the FSCS 100% guarantees the first £85,000 of a person’s cash savings per banking licence in total, including interest. This means that a couple with a joint account holding up to £170,000 will have every penny of this covered.
But what does ‘per banking licence’ mean? Simply put, one banking licence can cover a number of different banks, building societies or brands. It’s important therefore to spread your cash across more than one provider, as it could mean some of your hard-earned money isn’t as safe as you think in the event of a future collapse.
With that in mind, below is a list of the biggest banks and building societies in the UK and all the brands which fall under their banking licence. That means if you hold more than £85,000 across different brands but under the same licence, you could be in a position to lose out should the worst happen.
HBOS (Halifax/Bank of Scotland group):
Bank of Scotland
Lloyds Banking Group*:
Cheltenham and Gloucester
*HBOS was acquired by Lloyds Bank, but both HBOS and Lloyds Banking Group have continued to operate under separate banking licences.
Barclays Direct (formerly ING Direct)
Royal Bank of Scotland (RBS)**:
Coutts & Co:
**NatWest, Ulster Bank and Coutts are all subsidiaries of RBS, but have their own separate banking licences. As such, someone with accounts in each of these banks would be covered for up to £85,000 in each bank.
The Co-operative Bank:
The Co-operative Bank
Bank of Ireland UK:
Bank of Ireland UK
Clydesdale Bank PLC:
Norwich and Peterborough BS
Stroud and Swindon BS
Chesham BS (renamed Skipton BS)
Scarborough BS (renamed Skipton BS)
So, what about banks outside the UK? Whilst most banks which accept British savings are not covered by the FSCS, some within the European Economic Area are covered by their home country’s compensation scheme through the ‘savings passport’ scheme. One of the most prominent examples is Triodos Bank in the Netherlands, which is covered by the Dutch equivalent of the FSCS up to €100,000 per person. There are also some international banks which are covered by the FSCS, including:
Axis Bank UK
ICICI Bank UK
State Bank of India UK
Money saved in accounts and products offered by Government-backed National Savings & Investments (NS&I) enjoys 100% security (although these products are not protected by the FSCS). This includes premium bonds.
I thought CamOuse were very helpful and dealt with my enquiries promptly.
Mr D Mowatt
I have been a client of CamOuse's for many years. My advisors have provided assistance with mortgages, financial planning, investments and most importantly my future. The team remain passionate and professional and I would recommend CamOuse without question.
Mr L Isbell
Trevor Honey & Clive Nickalls
The staff are always happy to help.
Lee has always given me excellent advice when choosing a new mortgage. I would highly recommend him.
Everyone is very friendly, approchable, helpful and professional.
I would like to thank Lee for all his help, he was amazing!
Silk & Schwarz
Lee was recommended to us by 2 of his existing clients, colleagues and friends of ours and I'm glad they did so! He made the whole process much simpler then we were expecting.
Burgess & Bedford
Lee has helped us on several occassions and we always appreciate and value his time and efforts.
I & A Murphy
I really appreciate the prompt, friendly, efficient service.
Very pleased with the service provided and happy to recommend to my customers and friends and family.
I would like to express my thanks for the excellent service I have received and a special thank you to Hannah for keeping me updated and dealing with my queries in a very efficient and professional manner.
Thank you (and Eve) so much for all your help and support towards our remortgage. We really appreciated your expertise.
Cant & Robbins
I would just like to thank you all on behalf of myself and Jordan. You, Eve and Max have been faultless and we couldn’t be more appreciative for all your help!
CamOuse Financial Management is authorised and regulated by the Financial Conduct Authority.
None of the information contained in this website should be considered as personal recommendation and is for information only. Should you wish to make a financial transaction we recommend that you take personal financial advice after a thorough review of your personal and financial circumstances.
The information contained within the website is subject to the UK regulatory regime and is therefore primarily targets at customers in the UK.
Registered address: Unit 111, Lancaster Way Business Park, Ely, Cambridgeshire, CB6 3NX
Registered in England and Wales. Registered No: 5662116.
Pension arrangements must be available for all employees. There are three categories of employee:
Aged between 22 and State Pension Age (SPA) with qualifying earnings over the Auto Enrolment earnings trigger
Qualifying Earnings lower threshold
Qualifying Earnings upper threshold
Automatic Enrolment earnings trigger
8% of Qualifying Earnings of which
3% is employer's (starting at 1%)
9% of Basic Salary of which
4% is employer's (starting at 2%)
8% of Basic Salary of which
3% is employer's (starting at 1%)
(Where basic salary is at least 85% of total earnings)
7% of gross earnings of which
3% is employer's (starting at 1%)
Essentially the frequency that the jobholder is paid e.g. monthly, weekly etc. but with reference to the tax month, week etc. therefore it may not be the same as the payroll period.
It is the employer who is responsible to calculate, deduct and pay all contributions to the AE scheme. NOTE – the first and last contributions are likely to be for less than a full pay reference period and should be adjusted accordingly.
It can be seen that it is very important that the payroll system synchronises with the AE scheme otherwise the employer will not be carrying out all requirements and then penalties will be incurred.
Based on the employer’s payroll size as at 1 April 2012 and can be found at www.thepensionsregulator.gov.uk/employers using your PAYE reference. The Qualifying Workplace Pension Scheme must be registered with The Pensions Regulator within 4 months of the staging date.
Auto-Enrolment can be postponed for up to 3 months:
All eligible employees must be auto-enrolled, but can, with the correct notification, opt-out within one month of joining the scheme and be treated as never having joined. They can opt back in and will automatically be auto-enrolled every 3 years in any case!
There is a wide range of information that must be provided to all employees at certain times, such as:
Contributions can be paid by effectively reducing salary, which saves on NI contributions, but employee must choose to do this – they cannot be forced, so a contractual variation will need to be implemented.
All eligible employees will be automatically invested into a default investment fund, which is a balanced risk fund that is “life styled” to account for the employees approach to retirement. They also have the option to invest in a wide range of funds of their choosing.