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Bank Services: Charities

Volume 480: debated on Thursday 16 October 2008

To ask the Chancellor of the Exchequer whether bodies that are (a) registered charities only, (b) both registered charities and also companies limited by guarantee and (c) unincorporated associations are included within the Government’s commitment to protect bank deposit holders up to the sum of £50,000. (227368)

The Financial Services Authority (FSA) is responsible for making the rules of the Financial Services Compensation Scheme (FSCS), including the rule change which increased the compensation limit for bank deposits to £50,000, and the rules which determine whether a body is eligible to claim compensation under the scheme. The increased compensation limit applies in relation to claims by all eligible claimants. The rules on eligibility for FSCS compensation are set out in the FSA handbook which is available on the FSA website. Guidance on eligibility for FSCS compensation is available on the FSCS website.