Is the FSCS compensation scheme of £50k guaranteed by our government?

[scooterscot]

Is his nonsense or not?

The FSCS compensation scheme of £50k is NOT guaranteed by our government! Did you know that the FSCS is a Limited Company, backed by the FSA...? Did you know that the FSA is also a Limited Company ? The FSA can borrow money from the National Loans Fund (which is a bank account the Treasury has at the Bank of England) However, the government allows the FSA to make rules relating to borrowing from the National Loans Fund. So, a limited company (which is a private entity) is making the rules as to if and how (our) public money should be used to bail out private investors. There is no force of law, statute or bill to ensure that the FSCS pay a penny to anyone, and as Limited Companies the FSCS & the FSA can be dissolved/liquidated at the drop of a hat. Still feel your money is safe ?

Positive Money Forum • View topic - your savings are not safe

Gold is under threat, the Euro (smeg knows), where else can I move my wonga that's safe?

[Fred Bloggs]

Not an answer to your question, but I think the £50k is now £80k.

[AtW]

It's guaranteed that the Govt will print money to repay you the money over some years.

[Sysman]

The FSA tell you that they are a limited company somewhere on their website, should you be interested.

[SueEllen]

The FSA tell you that they are a limited company somewhere on their website, should you be interested.

The Financial Services Authority (FSA) is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000. We are a company limited by guarantee and financed by the financial services industry. The Board sets our overall policy, but day-to-day decisions and management of the staff are the responsibility of the Executive Committee

Who are we

If they go bust then the financial system in the UK is up tulip creek - hence you will get your money.

[scooterscot]

It's guaranteed that the Govt will print money to repay you the money over some years.

I hate this feeling of being a sitting duck while speculators manipulate my future.

I hate the fact my hard graft over the years is being eroded. Partly the reason why I'm working in euro disney as I don't believe my standard of living shall be sacrificed as readily as it would be in the UK.