FSA Registration Numbers

In light of the current financial situation, the UK has raised its Financial Services Compensation Scheme (FSCS) limit from £35,000 to £50,000 in an attempt to reassure savers. The FSCS guarantees deposits of up to £50,000 for savers per financial institution, so if you have savings of more than £50,000, it is important to spread your money between institutions in order that your savings are guaranteed.

You should be aware though that the guarantee is per financial institution, not per account; banks that share the same Financial Services Authority (FSA) registration number count as one financial institution. The table below shows banks and building societies whose savings arm share the same FSA registration number:

1

Halifax

Bank of Scotland

Birmingham Midshires

Saga

The AA

Intelligence

2

Lloyds TSB

Cheltenham & Gloucester

3

Royal Bank of Scotland

Direct Line

4

Abbey

Cahoot

Bradford and Bingley

ASDA

5

HSBC

First Direct

6

The Co-op

Smile

7

Yorkshire Bank

Clydesdale Bank

8

Bank of Ireland

Post Office

9

Barclays

Woolwich

10

Newcastle BS

BMW Savings



Those brands whose savings arm sharing the same FSA Registration number (and the same colour in this table) have the same FSA license as one another, which means that although you are guaranteed the first £50,000 of savings with each bank or building society, if, for example, you have £50,000 saved with Abbey and £50,000 saved with Cahoot, due to the fact that these two brands share the same FSA registration number, only the first £50,000 would be guaranteed. If instead you had £50,000 saved with Abbey and £50,000 saved with Lloyds TSB, the entire £100,000 would be guaranteed.

There are, however, some anomalies. For example, even though Scottish Widows Bank is owned by Lloyds TSB, they have separate FSA registration numbers so are covered separately by the FSCS.