Tessa Coates and Stevie Martin on the Making the Money Work podcast

Set up by parliament and funded by the financial services industry, the Financial Services Compensation Scheme is independent and completely free to use.

FSCS can step in to pay compensation if an authorised financial firm fails and its customers have lost money as a result. 

For more information about the Financial Services Compensation Scheme visit fscs.org.uk/thisismoney 

It protects deposits, debt management, mortgages, endowments, insurance, investments, PPI and pensions, and has helped millions of people over the years. 

Since its inception, FSCS has paid out more than £26 billion in compensation.

To be eligible to claim, the firm must have been authorised by the Financial Conduct Authority or the Prudential Regulation Authority and must have been declared as failed.  

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