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focusFollowing the financial crisis of 2008 when a number of big British banks came close to collapsing, the Financial Services Compensation Scheme (FSCS) was strengthened by the government to the extent that the FSCS currently guarantees the first £85,000 of a person’s cash savings per banking licence in total, and including interest.

But what does ‘per banking licence’ mean? Simply put, one banking licence (and with it the guarantee) can cover a number of different banks, building societies, or ‘brands’. If you have, or potentially could have, reserves in excess of the guarantee, it is important to spread your cash reserves across more than one provider, as it could mean some of your hard-earned money isn’t as safe as you think in the event of a future collapse.

With that in mind, in our May Newsletter attached hereto, we list some banks and building societies in the UK and some ‘brands’ which we understand fall under their banking licence. The list of authorised banks etc and banking licences is regularly updated by the FSCS and the Bank of England and therefore the list in our Newsletter does not profess to be comprehensive or currently accurate, but it may encourage you to check whether any of your cash reserves may be at risk, or potentially at risk in the future.

Above, we have pointed to some points that involve quite complex rules. Always check the FSCS website ( and take relevant professional advice before taking, or refraining from taking, any action.

Remember, we are here to help so please do not hesitate to contact us regarding your financial planning situation. Reviews and our Lifetime Financial Planning service are part of our added-value services for our clients.

We have set out above what is only a brief summary of some key points that involve quite complex considerations. Allowances, caps, levels and bases of, and reliefs from, taxation are subject to change and their value to you will depend upon your personal circumstances. Information and data may change after the date of their original promulgation in our Newsletter or this Focus article. Always seek relevant professional advice before taking, or refraining from taking, any action.

Barry Fleming & Partners has grown from a tax advisory background into a broader business that encompasses investment management. Both things matter for wealth management, retention and creation. That expertise makes the company strikingly different from others.

This capability allows Barry Fleming and Partners to use its strength in tax advice to take a 360-degree-view of a financial situation to give much broader, more comprehensive advice.

We bring together up to the minute tax, estate, investment and retirement planning advice to create individual, ‘joined up’ financial strategies. This allows our clients to understand and have confidence in how they can best control, retain, and build their assets and income to achieve their objectives with least risk.

A high level of service is key to our long-term client relationships. We work collaboratively. That means our clients can benefit at all times from having ready access to our team of financial planners.

Barry Fleming & Partners are an independent financial advisor specialising in ISA’s, Pensions, Tax, Trusts, Estate Planning, Inheritance Tax Planning (IHT) and other Financial Planning areas. Please don’t hesitate to call on 01488 608 686 and ask to talk to one of our financial advisors. Alternatively use the contact form on our home page.