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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.
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.
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.
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:
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.