Financial Services Compensation
Scheme Information Sheet
Basic information about the protection of your eligible deposits
Eligible deposits in Allica Bank are protected by: The Financial Services Compensation Scheme (FSCS).¹
Limit of protection: £85,000 per depositor per bank/building society/credit
union.²
Reimbursement period in case of bank, building society 20 working days3
or credit union’s failure:
Currency of reimbursement: Pounds sterling (GBP, £)
Please contact Allica Bank for enquiries relating to your Allica Bank
account: 4th Floor
164 Bishopsgate
London EC2M 4LX
Email: customer.services@allica.bank
Web: www.allica.bank
To contact the FSCS for further information on Financial Services Compensation Scheme
10th Floor Beaufort House
compensation:
15 St Botolph Street
London EC3A 7QU
Tel: 0800 678 1100 or 020 7741 4100
Email: ICT@fscs.org.uk
More information: www.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.
Version 1.0 09/19
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 a maximum of £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 from www.fscs.org.uk.
3 Reimbursement
The responsible Deposit Guarantee Scheme is the Financial Services Compensation Scheme, 10th Floor Beaufort
House, 15 St Botolph Street, London, EC3A 7QU, Tel: 0800 678 1100 or 020 7741 4100, Email ICT@fscs.org.uk It will
repay your eligible deposits (up to £85,000) within 20 working days until 31 December 2018; within 15 working days
from 1 January 2019 until 31 December 2020; within 10 working days from 1 January 2021 to 31 December 2023; and
within seven working days from 1 January 2024 onwards, save where specific exceptions apply.
Where the FSCS cannot make the repayable amount within seven working days, it will, from 1 June 2016 until 31
December 2023, ensure that you have access to an appropriate amount of your covered deposits to cover the cost of
living (in the case of a depositor which is an individual) or to cover necessary business expenses or operating costs (in
the case of a depositor which is not an individual or a large company) within five working days of a request.
If you have not been repaid within these deadlines you should contact the Deposit Guarantee Scheme since the time
to claim reimbursement may be barred after a certain time limit. Further information can be obtained under
www.fscs.org.uk.
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.
Financial Services Compensation Scheme Exclusions List
A deposit is excluded from protection if:
a) The holder and any beneficial owner of the deposit have never been identified in accordance with money
laundering requirements.
b) The deposit arises out of transactions in connection with which there has been a criminal conviction for
money laundering.
c) It is a deposit made by a depositor which is one of the following:
• Credit institution.
• Financial institution.
• Investment firm.
• Insurance firm.
• Reinsurance companies.
• Mutual benefit societies.
• Securities funds or alternative investment funds4.
• Pension or retirement fund. Deposits by personal pension schemes, stakeholder pension schemes and
occupational pension schemes of micro, small and medium sized enterprises are not excluded.
• Public authority, other than a small local authority.
For further information about exclusions, refer to the FSCS website at www.fscs.org.uk.
4 Deposits by personal pension schemes, stakeholder pension schemes and occupational pension schemes of micro,
small and medium sized enterprises are not excluded.
Allica Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct
Authority and the Prudential Regulation Authority (FRN: 821851). Registered office: 4th Floor,164 Bishopsgate,
London EC2M 4LX. Registered in England and Wales with company number 7706156. Copyright © Allica Bank Limited.
All rights reserved.
