The FSCS is the UK’s compensation fund of last resort for customers of authorised financial services firms. This means that the FSCS can pay compensation to consumers if a financial services firm is unable, or likely to be unable, to pay claims against it.
The FSCS is an independent body, set up under the Financial Services & Markets Act 2000. The FSCS does not charge individual consumers for using its service.
Yes. The FSCS covers the activities of authorised financial services firms such as B&G Finance Ltd. However, investors should be aware that the FSCS does not cover investment performance.
The FSCS does not cover investment performance. It covers firms and appointed representatives that default on their obligations to customers, but not the investments they sell to them.
Yes, Basset & Gold investors are covered by the FSCS provided they are eligible claimants.
You will not have compensation paid out to you automatically. You will have to apply for compensation. Please go to the FSCS website for more details: www.fscs.org.uk.
Consumers and micro-enterprises are eligible claimants. A consumer is an individual acting outside his trade, business or profession. A micro-enterprise must employ fewer than 10 persons and have a turnover or annual balance sheet of no more than €2m.
Most individual investors would currently be deemed to be eligible claimants by the FSCS; however, any decision regarding eligibility is made by the FSCS and not Basset & Gold.
If you suffer a loss as a result of Basset & Gold failing to meet its financial obligations then you may be able to seek compensation from the FSCS, provided they determine that you are an eligible claimant.
The FSCS can pay compensation if a number of conditions, set out in FCA rules, are met. The FSCS considers each claim individually at the time a claim is made to decide whether the conditions are met. The main conditions are as follows:
You can read more about the Financial Services Compensation Scheme and claimant eligibility on the FSCS website: www.fscs.org.uk.
No. The eligibility of claimants is determined on a case-by-case basis at the time a claim is made.
All decisions regarding eligibility are made by the FSCS and not Basset & Gold.
If you are eligible for FSCS protection, the FSCS may pay compensation on your investment, up to a maximum of £50,000 per person. If two individuals invest through a joint account and both individuals are eligible under the FSCS, they could claim up to a combined maximum of £100,000. A higher individual limit of £85,000 applies in relation to firms offering deposits, such as banks and building societies, that are in default.
For illustrative purposes, here are some possible scenarios:
If you want more information about the FSCS, please visit www.fscs.org.uk
The above information is provided for informational purposes only and does not represent investment advice, endorsement or recommendation to invest in any financial product or security. Customers are advised to consult a financial adviser in the event of any doubt regarding the suitability of any financial product.