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FSCS Deposit Protection

The Financial Services Compensation Scheme (FSCS) safeguards customers' finances. It has protected over 4.5m customers and paid out over £2.6bn in compensation since 2001.

If a building society, credit union or bank goes bankrupt, customers will receive automatic protection of up to £85,000. In most cases, affected customers receive their money back within a week.

Our FSCS Deposit Protection Course explains which financial products and services are covered., the obligations for informing consumers and the levels of compensation available.
Start your trial Course details
  • 20 Minutes
  • All staff
  • Based on UK legislation, but suitable for global audiences upon the removal of UK-specific references and translation as necessary.
  • FCA Compliance Library

Learning objectives

  • Understand their responsibilities are under the FSCS
  • Be aware of what qualifies as a "temporary high balance"
  • Comply with the FSCS compensation process
  • Identify which customers are eligible for FSCS protection
  • Appropriately display FSCS information

    What can you expect your employees to learn?

Introduction

What is the FSCS Depositor Protection?

  • What deposits the FSCS covers
  • What the FSCS protects
  • You decide: FSCS depositor protection

Eligibility

  • Compensation limits
  • Scenario: Eligibility
  • How deposit takers identify who is eligible

Temporary high balances

  • What qualifies as a temporary high balance?
  • You decide: Temporary high balances

How compensation is received

Making FSCS information available

  • The 'FSCS protected' badge
  • Where should FSCS information be displayed?
  • Scenario: Putting information on display

Summary

Affirmation

Assessment

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Your questions, answered

Financial Crime

Common FAQs

How can I log and track incidents of financial crime in my organisation?

Our Compliance Breach Register allows you to securely log and monitor incidents of financial crime, such as bribery or money laundering. The tool enables you to track resolution progress and maintain a clear audit trail, ensuring accountability and compliance with regulatory requirements.

How can I ensure my employees understand and comply with our internal policies in relation to financial crime?

Our Policy Hub enables you to distribute policies such as your Anti-Money Laundering (AML) policy to employees, track acknowledgements, and send automated reminders. This ensures everyone understands their obligations and helps you maintain compliance with financial crime regulations.
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Are Skillcast courses SCORM-compliant?

Yes. This means they can be delivered via the Skillcast Portal or any other SCORM-compliant Learning Management System.

What other tools are needed beyond training?

A comprehensive compliance solution often needs more than just training. Alongside e-learning, tools like declarations, surveys, and registers that track compliance tasks are usually essential. Skillcast provides full support to help you set up these additional tools.

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