We are the Financial Services Compensation Scheme or FSCS.
FSCS has been set up to provide compensation to customers of financial services firms who are unable, or are likely to be unable, to meet the claims against them (“in default”). We can only provide compensation when the firm is or was authorised by the Financial Conduct Authority (FCA) and/or the Prudential Regulation Authority (PRA) (or the predecessor bodies such as the Financial Services Authority (FSA)), (an “authorised firm”). FSCS is a scheme of last resort. The types of claim that FSCS can protect relate to:
- Life and general insurance policies
- Investment business (on or after 28 August 1988)
- Advice and arranging of mortgage business (on or after 31 October 2004)
- Insurance broking (for business conducted on or after 14 January 2005)
Although FSCS has been set up by the Government, we are funded by authorised financial services firms that are still trading. FSCS's protection is governed by the PRA and the FCA’s rules. The PRA’s rules cover claims in relation to deposits as well as life and general insurance policies and are set out in the Depositor Protection and Policyholder Protection parts of the PRA Rulebook. The FCA’s rules cover the remaining categories of claim. These are set out in the Compensation Sourcebook (the “COMP Rules”) in the Redress section of the FCA Handbook .
Our service is free and available to individuals, and small businesses (and all claimants in a few certain cases), who have a claim for financial loss against an authorised (or previously authorised) financial services firm that is unable to pay that claim.
Who we are
We will at all times only collect and process your personal information in accordance with the Data Protection Act 1998, the Privacy and Electronic Communication (EC Directive) Regulations 2003 and any other applicable data protection legislation.
What information do we collect and how do we collect it?
When you use the Website or Services, or if you contact us by post, telephone or e-mail to ask us for an application form or one of our publications, to register a claim with us or to make enquiries, we may collect, store and use certain personal information that you disclose to us.
The information that we may collect from you includes personal details such as your name, address, e-mail, telephone, fax, and mobile numbers and your bank details. We may also monitor and/or record communications with you for business reasons such as quality control and training.
If you use our Portal to submit a claim, we will also collect data regarding your online account with us, including the date you created the account, the status of the account and date of expiry. This information is necessary to enable us to process your claim.
We may also collect details of your computer’s internet protocol address and session information such as the duration of your visit and the type of browser used. This is used for system administration and to provide statistics which help us to evaluate how our Website and Portal are used.
We may also obtain your personal information from an authorised firm if they provide it to FSCS because they are being investigated. This is necessary to enable us to see if the authorised firm is able to meet claims against it.
In addition, if we are handling your claim for compensation, we may obtain information from relevant third parties such as:
- the relevant firm in default and/or its insolvency practitioner;
- the FCA, the PRA and/or the Financial Ombudsman Service (FOS); or
- your product provider,
where this is necessary in order to assist us in the proper exercise of our statutory functions (including processing and resolving your claim for compensation or pursuing recovery proceedings) or the statutory functions of the FCA, or the PRA , or otherwise to comply with legal or regulatory requirements.
In most instances we will be using the information we collect about you to consider your claim for compensation. However, when compensation is paid, we typically take a transfer or assignment of your rights in respect of your claim and may pursue the firm or third parties for your claim in order to recover some of the compensation paid to you. This will require use of your information and may include providing some information to external parties, for example parties against or through whom FSCS might pursue a recovery (for example, an insolvency practitioner or a professional indemnity insurer).
We will also use your information for management and reporting purposes.
Disclosure of your information
We may outsource the processing of your claim for compensation, and/or the pursuing of recoveries, to selected third parties. We require those third parties to have in place technical and organisational security measures to protect your information, and to ensure that they comply with their legal obligations for handling your personal data.
We may also need to share your information with:
- third parties such as the FCA, the PRA, the FOS and insolvency practitioners (both in the UK and elsewhere), or your product provider. This may be necessary to assist us in carrying out our statutory functions (including processing and resolving your claim for compensation or pursuing recoveries) or for the proper performance of the statutory functions of the FCA or the PRA, or otherwise to comply with legal or regulatory requirements.
- in rare circumstances, a regulatory body in another country in the European Economic Area (that country’s equivalent to the FCA or the FSCS for example). This may be because the authorised firm which you did business with had an overseas connection. This might mean FSCS having to work with an overseas regulator or compensation scheme to provide compensation to, or recover money paid in compensation to, customers of the UK authorised firm.
We will not provide your information to any entity for the purpose of marketing or sales.
If you make a claim to FSCS using a representative, solicitor or claims management company (a “Representative”), rather than making a claim directly, we may also share your personal data, and information relating to your claim, with your Representative.
We will only share information with your Representative if you authorise us to do so, by providing a letter of authorisation and by signing the Declaration & Consent section of our Application Summary when you submit a claim.
We may share information with your authorised Representative via our Portal, even if you did not make your claim online. This is necessary to enable us to process your claim. You are responsible for ensuring that your Representative has appropriate measures in place with which you are satisfied to protect the security of your personal data.
How we use your information
By using the Website or Services, you agree that your information may be used by us, and by third parties acting on our behalf, for any of the following purposes:
- to assist us in processing your claim for compensation or to pursue recovery proceedings or otherwise for the proper exercise of our statutory functions;
- to assist third parties, such as the FCA, or the PRA, in carrying out their statutory functions;
- to send you information or copies of our publications as requested by you;
- to respond to any comments or questions that you may have;
- to evaluate and monitor the use of our Website;
- to seek your views on our Services and for customer satisfaction purposes
- to help us improve our Services. For example, we may capture some of your personal data when conducting systems administration or technology support for our Portal.
- as part of our use of Google Analytics. This includes the use of the Google Analytics User ID feature, which we use for capturing information regarding your engagement with and use of our Website and Services, including session information. We use this to improve our Services; and
- to comply with our legal and regulatory obligations, including for the purposes of preparing our annual report and accounts.
We have put in place technical and organisational security measures to prevent the loss or unauthorised access of your personal information. However, whilst we have used our best efforts to ensure the security of your data, please be aware that we cannot guarantee the security of information transmitted over the internet.
How long will we keep your information for?
We will not keep your personal data for any longer than is necessary for the purposes we have explained above.
Where you use our Portal, we may archive some of your personal data prior to deletion, as set out below:
- where you have used our Portal to prepare a draft claim which you have not submitted, we will archive your data if your account has been inactive for 90 days.
- where you have submitted a claim via our Portal and that claim remains open, we will archive your data if your account has been inactive for 270 days.
- where you have submitted a claim via our Portal and that claim is closed, we will archive your data if your account has been inactive for 30 days.
Where we have archived your data, you will be unable to access it and may need to input some of your information again if you want to proceed with a claim.
We will also archive the data we hold regarding your use of our Website and Portal, including session information, usually within 90 days.
We will then take all reasonable steps to securely delete any of your personal data which is no longer required, usually within the time-scales set out below:
- In relation to an inactive account on our Portal - 90 days
- In relation to claims on our Portal which have not been submitted – 90 days
- In relation to any claims you submit to us – 7 years
You have the right to contact us in order to find out what information we hold about you (for which we may charge a fee of £10) or to access or correct any information that we hold about you. Please download and complete our Subject Access Request Form and return the completed form to the contact details listed below.
How to contact us
If you have any questions about the FSCS and our use of your information, please write to:
The Data Protection Officer
10th Floor, Beaufort House
15 St Botolph Street