Financial Services Compensation Scheme (FSCS)

How your deposits are protected

Your eligible deposits with Ironstone are protected up to a total of £85,000 by the FSCS – the UK’s deposit guarantee scheme.

Set up by the government, the scheme is independent and free to use. It covers a wide range of financial products, including deposits and savings and you will normally get any eligible deposits back within seven days. Different compensation limits apply.

Ironstone is a trading name of Weatherbys Bank Limited which includes Weatherbys Private Bank and Weatherbys Racing Bank. Any total deposits you hold above the £85,000 limit between these brands are unlikely to be covered.

Weatherbys Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 204571. Weatherbys Bank Limited is registered at Sanders Road, Wellingborough, NN8 4BX. Registered number:2943300.

What sort of firms does the FSCS cover?

The FSCS only covers financial services firms that have been authorised by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA) to do business in the UK. You should always check that the firm has an FCA or PRA authorisation number.

Ironstone is a trading name of Weatherbys Bank Limited. The FCA firm reference number is 204571.

The compensation limit

The limit applies to individuals and companies, not accounts. This means that for joint accounts the limit applies to each named account holder. So, for example, if you have a joint account with your spouse or partner, and no other accounts of your own with that banking institution, you will each receive up to £85,000 under the deposit limit. So FSCS would protect up to £170,000 of savings in a joint account. The limit also applies per authorised firm. To find out more visit: Financial Services Compensation Scheme.

Temporary high balances

The FSCS also protects certain types of deposits above £85,000 held by individuals. They protect certain “temporary high balances” up to £1,000,000 for a period of six months*. These are exceptional and short-lived deposits which result from certain major life events. Deposits which qualify as a temporary high balance are:

• Money deposited in preparation for buying a property, the proceeds of sale of a property or proceeds from releasing equity in a property. This applies only to your main residence and excludes buy-to-let properties or holiday homes. General savings for a property do not qualify

• Money paid in relation to a marriage or civil partnership or a divorce or dissolution of a civil partnership

• A redundancy payout (whether voluntary or compulsory)

• Compensation paid for unfair dismissal

• Benefits paid in respect of a disability or incapacity*

• Compensation paid for personal injury*

• Benefits paid under an insurance policy

• Compensation for a wrongful conviction

• Benefits paid on retirement

• Benefits payable on death

• Compensation in respect of a person’s death

• A legacy from the estate of a deceased person or money held on behalf of a deceased person for the purpose of administering their estate.

* There is no limit to the compensation payable for deposits relating to personal injury or disability or incapacity claims. To find out more visit: Financial Services Compensation Scheme.