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Are Company Deposit Accounts covered by the FSCS?
 

One had assumed that Companies would not enjoy the protection offered to consumers by the Financial Services Compensation Scheme.
 

However a recent personal communication from the FSA suggests this is not necessarily the case.
 

It seems that a sole trader, or partnership (of whatever size), is covered. A partnership is treated as a separate entity which means the partners can still claim as individuals in respect of accounts they may also personally have.
 

A limited company, or limited liability partnership, can claim providing it qualifies as a small company defined in Section 382 of the 2006 Companies Act.
 

To qualify it must have:

  • Turnover not > £6.5M

  • Balance Sheet total not >£3.26M

  • Not >50 employees  

  • It must have been small in the previous year as well as in the present one (providing it is not its first year in existence).


 

Please note that this information is offered for educational purposes only and you should seek professional advice in relation to any specific case.
 

 
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