![]() On the other hand, compensation for more complex products could take much longer.įor example, endowment claims, home finance and mortgage compensation typically take six months to come through. But it could be as soon as two or three days. In the case of a bank, building society or credit union going bust, you should receive the lost deposits within seven days of making a claim. The timeline for the FSCS paying the money owed into your chosen bank account, will depend on the type of product you are claiming compensation for. You'll be sent an email to confirm that your claim has been received, but you should keep your eyes peeled in case the FSCS gets in touch to request any further information or supporting documents. As well as questions about why you're claiming compensation, you'll be asked to upload scans of your supporting documents and sign the claim electronically before finally submitting it. Once that's all sorted, you'll need to fill in a claims application form. ![]() After you've gathered all the necessary documents - from proof of identity to details about the product you are claiming for - you will need to visit the FSCS website and create an online account. If you are in the unfortunate position to have to make a claim, the process of doing so is mercifully straightforward. How do you claim compensation from the FSCS? A measure to protect temporary high balances (THBs) - where you have money resulting from things like house sales, redundancy pay or inheritances - means you'll be covered for some types of funds up to £1m for six months. In some circumstances, you could be covered for more than £85,000. It protects up to £85,000 of deposits per individual, per financial institution (not just per bank), and also covers mortgages, insurance and investments. It works like this: if a regulated financial firm is no longer trading and can't pay a customer's claim, FSCS can step in to pay compensation. That's despite assurances from the bank that there is nothing to fear.īut even if the worst happens and the bank does go bust, Metro Bank is a UK-regulated bank and money in customers' accounts is fully covered by the Financial Services Compensation Scheme (FSCS). If you're a Metro Bank customer - or considering becoming one - you might be feeling jittery about the safety of your finances. It added that the bank continues to be profitable, is growing its customer numbers, and is 'well positioned for future growth'. It said it was exploring 'a range of options' but no decision had been made on the way forward. As a result, shares sank by 25%.Īny suggestion of a crisis, however, was downplayed by Metro Bank in a statement released this morning. Urgent talks were held on Thursday (5 October) at the Bank of England’s Prudential Regulation Authority (PRA), with national media reporting the challenger was seeking to raise £600m to strengthen its finances. Now the provider has 76 UK branches and 2.7 million customer accounts. Metro Bank opened its first branch in the wake of the 2008 financial crisis with the aim of 'challenging' the big high street providers. Your data will be processed in accordance with our Privacy policy What's happening to Metro Bank? This newsletter delivers free money-related content, along with other information about Which? Group products and services.
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