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Do we have insurance and are we really protected?

Vicky Parry 25th Sep 2023 10 Comments

Reading Time: 2 minutes

MoneyMagpie is working with FSCS

This article was updated on August 21, 2023.

We are really excited to announce that we have partnered with the incredible people over at FSCS (Financial Services Compensation Scheme) to help educate you, our readers, about how the financial service works, the sort of things you are covered for and whether we have support available in this financially trying time.

Over the coming months our founder Jasmine Birtles will be travelling around the UK to host a new series that promises to help us find out whether we are financially covered.

She will take a look at our pensions, insurance, mortgages, banking and funeral plans and help us understand how they are protected and what we can do to make sure that we don’t have any nasty shocks.

Episode Four

Most of have insurance, but what if the insurers let us down? Where’s the peace of mind then? We again take to the streets of London to ask a cross-section of people what they know about insurance, and how it’s essential to be with an FSCS-approved insurance company to ensure financial security.

Episode Three

What are credit unions, how do they differ from bank accounts and should you get one? Once again MoneyMagpie’s Jasmine takes to the streets of London to ask a section of the public about their awareness of this key financial issue and how FSCS can help you take control of how your money is saved and spent.

Episode Two

Our second video in the series sees us asking people on the street about their pension. A very current and ongoing issue. We take to the street and ask: “What would you do if your pension company folded?” People’s answers are very interesting.

What would you do if your pension company folded?

If you have a pension (or you were advised to get a pension) and the provider or adviser has gone out of business, you may be able to claim compensation with FSCS. Whether you have a pension, are thinking of getting one or changing it, you should check that it’s FSCS protected.

Episode One

We start the series by asking the people on the street whether they know who FSCS are, and whether they are covered for their financial services… let’s see what they say here:

What to do if you aren’t covered?

FSCS is not an insurance company so you don’t need an account; anyone can make a claim.

So, when your financial firm fails, there are two ways you can claim compensation: direct with FSCS for free, or through a claims management company (CMC) who’ll charge a fee to handle your claim.

FSCS is independent, free and funded by the financial services industry. They were set up by parliament to pay back money to eligible people when their financial firm fails.

 

 

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.

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steven green
steven green
3 months ago

Second clue in the Easter Egg Hunt. On to the next one!

Carole Wayfair
Carole Wayfair
11 months ago

I had no clue about some of this – what a good idea to explain it through MoneyMagpie.
I only discovered your page recently and now look every few hours – the info is so easy for me to understand … I have dyslexia and it means I often struggle understanding anything financial at all

Andre
11 months ago

Without being rude, I’m so glad Money Magpie is promoting this kind of financial literacy and education because it’s much needed!

Dan
Dan
11 months ago

Not going to lie, I think I might have been mixing up FCA and FSCS all this time….

Kiera
11 months ago

Can I just say how fantastic MoneyMagpie videos are looking these days? Feels like watching the news!

Maureen
11 months ago

I’m glad they didn’t find me on the street and ask me those questions – wouldn’t have had a clue!

Carole Wayfair
Carole Wayfair
11 months ago
Reply to  Maureen

Hahaha same

Paul
11 months ago

This is really helpful. I knew a little bit about FSCS but looks like I need to do a bit of swotting up.

Jasmine Birtles

Your money-making expert. Financial journalist, TV and radio personality.

Jasmine Birtles

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