It is widely known that deposits of money lodged with a licensed deposit taker (such as a bank) by individuals and companies are protected (currently to a monetary limit of £85,000) by the Financial Services Compensation Scheme (FSCS) if the licensed deposit taker with whom the money has been placed fails.

However, it is less well known that such protection does not extend to all organisations – including large unincorporated bodies such as charities, clubs and societies.

The Financial Conduct Authority (FCA) has recently announced that such organisations which suffered losses in the collapses of Kaupthing Singer and Friedlander and Landsbanki in 2008 may be eligible for compensation up to £50,000 (the then limit).

The FCA is also to consult on the extension of the FSCS to all unincorporated organisations and some large partnerships.


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