Branches & agencies
Deposit Guarantee Scheme Information
January 2024
Basic Information About the Protection of Your Eligible Deposits
| Eligible deposits in Hinckley & Rugby Building Society are protected by: | The Financial Services Compensation Scheme (FSCS)1 |
| Limit of protection: | £85,000 per depositor per bank/building society/credit union2 |
| If you have more eligible deposits at the same bank/building society/credit union: | All your eligible deposits at the same bank/building society/credit union are “aggregated” and the total is subject to the limit of £85,0002 |
| If you have a joint account with other person(s): | The limit of £85,000 applies to each depositor separately3 |
| Reimbursement period in case of bank, building society or credit union’s failure: | 7 working days4 |
| Currency of reimbursement: | Pound sterling (GBP, £) or, for branches of UK banks operating in other EEA Member States, the currency of that State |
| To contact Hinckley & Rugby Building Society for enquiries relating to your account: | Upper Bond Street Hinckley Leicestershire LE10 1NZ Tel: 0800 434 6343 Email: customerservice@hrbs.co.uk |
| To contact the FSCS for further information on compensation: | Please visit fscs.org.uk/contact-us for contact details. |
| More information: | fscs.org.uk |
Additional information
1 Scheme responsible for the protection of your eligible deposit
Your eligible deposit is covered by a statutory Deposit Guarantee Scheme. If insolvency of your bank, building society or credit union should occur, your eligible deposits would be repaid up to £85,000 by the Deposit Guarantee Scheme.
2 General limit of protection
If a covered deposit is unavailable because a bank, building society or credit union is unable to meet its financial obligations, depositors are repaid by a Deposit Guarantee Scheme. This repayment covers at maximum £85,000 per bank, building society or credit union. This means that all eligible deposits at the same bank, building society or credit union are added up in order to determine the coverage level. If, for instance a depositor holds a savings account with £80,000 and a current account with £20,000, he or she will only be repaid £85,000.
In some cases eligible deposits which are categorised as “temporary high balances” are protected above £85,000 for six months after the amount has been credited or from the moment when such eligible deposits become legally transferable. These are eligible deposits connected with certain events including:
(a) certain transactions relating to the depositor’s current or prospective only or main residence or dwelling;
(b) a death, or the depositor’s marriage or civil partnership, divorce, retirement, dismissal, redundancy or invalidity;
(c) the payment to the depositor of insurance benefits or compensation for criminal injuries or wrongful conviction.
More information can be obtained under www.fscs.org.uk
3 Limit of protection for joint accounts
In the case of joint accounts, the limit of £85,000 applies to each depositor.
However, eligible deposits in an account to which two or more persons are entitled as members of a business partnership, association or grouping of a similar nature, without legal personality, are aggregated and treated as if made by a single depositor for the purpose of calculating the limit of £85,000.
4 Reimbursement
The Financial Services Compensation Scheme (FSCS) will pay compensation within seven working days of a bank, building society or credit union failing. You do not need to do anything – the FSCS will compensate you automatically. However, if you do not receive compensation within seven working days you should contact them. More complex cases, including temporary high balance claims, take longer and you will need to contact them to request an application form.
Other important information
In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the website of the responsible Deposit Guarantee Scheme. Your bank, building society or credit union will also inform you of any exclusions from protection which may apply. If deposits are eligible, the bank, building society or credit union shall also confirm this on the statement of account.
Exclusions list
A deposit is excluded from protection if:
(1) The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact your bank, bank building society or credit union.
(2) The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering.
(3) It is a deposit made by a depositor which is one of the following:
- credit institution
- financial institution
- investment firm
- insurance undertaking
- reinsurance undertaking
- collective investment undertaking
- pension or retirement fund1
- public authority, other than a small local authority.
The following deposits, categories of deposits or other instruments are no longer protected:
- deposits of a credit union to which the credit union itself is entitled
- deposits which can only be proven by a financial instrument (unless it is a savings product which is evidenced by a certificate of deposit made out to a named person and which exists in a Member State on 2 July 2014)
- deposits of a collective investment scheme which qualifies as a small company2
- deposits of an overseas financial services institution which qualifies as a small company2
- deposits of certain regulated firms (investment firms, insurance undertakings and reinsurance undertakings) which
qualify as a small business or a small company 2 – refer to the FSCS for further information on this category.
For further information about exclusions, refer to the FSCS website at www.fscs.org.uk
1 Deposits by personal pension schemes, stakeholder pension schemes and occupational pension schemes of micro, small and medium sized enterprises are not excluded
2 Under the Companies Act 1985 or Companies Act 2006 Principal