We are a member of the Financial Services
Compensation Scheme (FSCS) that was established under the Financial
Services and Markets Act 2000. As a customer of the
Principality Building Society your account(s) with us are
covered by the Financial Services Compensation Scheme up to the
maximum of £50,000 per person, unless you are:
- A large company
- A large partnership
- A large mutual association
- A local, provincial or municipal authority
- A credit institution
- An overseas financial services institution
- A pension and retirement fund or a trustee of such a fund
- A government, or central administrative authority
- A firm within the Principality Building Society group
- A person holding 5% or more of the capital of Principality
Building Society or of any firm in the group
- The auditors of Principality Building Society and its
group
- A person considered responsible for the default of Principality
Building Society which triggers the FSCS.
- A person whose claim arises from transactions relating to a
conviction they have received for money laundering.
Deposits are covered for 100% of £50,000 per
investor. If you also have a mortgage with us, any sum due to you
will be applied first to reduce any outstanding mortgage balance
you may have.
Mortgage advising and arranging is covered for
100% of the first £30,000 and 90% of the next £20,000 so the
maximum compensation is £48,000.
Most types of investment business, except for
deposits, are covered for 100% of the first £30,000 and 90% of the
next £20,000 so the maximum compensation is £48,000.
Insurance advising and arranging is covered
for 100% of the first £2,000 and 90% of the remainder of the claim,
without any upper limit.
Further information about the compensation
scheme arrangements is available from the FSCS http://www.fscs.org.uk/.