Spreading business reserve funds across multiple accounts

[GWilliy]

err... not that we don't believe you thunder but.....

- I must be thick !!!

Contents of link quoted here

COMP 4.2 Who is eligible to benefit from the protection provided by the FSCS?
COMP 4.2.1 Unless COMP 4.2.3 R applies, an eligible claimant is any person who at any material time:
(1) did not come within COMP 4.2.2 R; or

(2)did come within COMP 4.2.2 R, but satisfied the relevant exception in COMP 4.3 or COMP 4.41.

COMP 4.2.2 Table COMP 4.2.2R Persons not eligible to claim unless COMP 4.3 applies (see COMP 4.2.1R)

This table belongs to COMP 4.2.1R

(1) Firms (other than a sole trader firm;2 a credit union;2 a trustee of a stakeholder pension scheme (which is not an occupational pension scheme)3 or personal pension scheme; a firm carrying on the regulated activity of operating, or winding up, a stakeholder pension scheme (which is not an occupational pension scheme) or personal pension scheme;2 or a small business; in each case,2whose claim arises out of a regulated activity for which they do not have a permission)

and your OP

I thought that £35,000 guarantee was for individuals, not companies. And basically it is .......

could have been a tad clearer.

[thunderlizard]

Well...in my situation COMP 4.2.3 R doesn't apply because that's about insurance policies and we're talking about bank accounts. So if my company isn't one of the COMP 4.2.2 R exclusions, it's eligible for the compensation.

"Firms(other than...a small business)" are excluded under COMP 4.2.2 R. Hence a "small business" is eligible.

Their definition of a "small business" is "a partnership, body corporate, unincorporated association or mutual association with an annual turnover of less than £1 million (or its equivalent in any other currency at the relevant time)." That fits my company. Hence it's a small business; hence it's eligible. Crystal clear

I think we'll have to wait until the first bank goes pop to see if I'm right!