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Studying Time: 2 minutes
MoneyMagpie is working with FSCS
This text was up to date on Aug 21, 2023.
We’re actually excited to announce that we’ve got partnered with the unimaginable individuals over at FSCS (Monetary Companies Compensation Scheme) to assist educate you, our readers, about how the monetary service works, the type of issues you might be coated for and whether or not we’ve got help accessible on this financially making an attempt time.
Over the approaching months our founder Jasmine Birtles is travelling across the UK to host a brand new sequence that guarantees to assist us discover out whether or not we’re financially coated.
She is going to check out our pensions, insurance coverage, mortgages, banking and funeral plans and assist us perceive how they’re protected and what we are able to do to ensure that we don’t have any nasty shocks.
Episode Three
What are credit score unions, how do they differ from financial institution accounts and do you have to get one? As soon as once more MoneyMagpie’s Jasmine takes to the streets of London to ask a bit of the general public about their consciousness of this key monetary subject and the way FSCS might help you’re taking management of how your cash is saved and spent.
Episode Two
Our second video within the sequence sees us asking individuals on the road about their pension. A really present and ongoing subject. We take to the road and ask individuals “what would you do in case your pension firm folded?” Folks’s solutions are very attention-grabbing.
What would you do in case your pension firm folded?
When you’ve got a pension (otherwise you have been suggested to get a pension) and the supplier or adviser has gone out of enterprise, you might be able to declare compensation with FSCS. Whether or not you’ve a pension, are pondering of getting one or altering it, you must test that it’s FSCS protected.
Episode One
We begin the sequence by asking the individuals on the road whether or not they know who FSCS are, and whether or not they’re coated for his or her monetary companies… let’s see what they are saying right here:
What to do for those who aren’t coated?
FSCS just isn’t an insurance coverage firm so that you don’t want an account; anybody could make a declare.
So, when your monetary agency fails, there are two methods you may declare compensation: direct with FSCS without spending a dime, or via a claims administration firm (CMC) who’ll cost a price to deal with your declare.
FSCS is impartial, free and funded by the monetary companies trade. They have been arrange by parliament to pay again cash to eligible individuals when their monetary agency fails.
Disclaimer: MoneyMagpie just isn’t a licensed monetary advisor and subsequently info discovered right here together with opinions, commentary, recommendations or methods are for informational, leisure or instructional functions solely. This shouldn’t be thought of as monetary recommendation. Anybody pondering of investing ought to conduct their very own due diligence.
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