What are CREDIT UNIONS and the way can they defend my financial savings?

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By smarttaxservice

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Vicky


twenty first Aug 2023

Studying Time: 2 minutes

MoneyMagpie is working with FSCS

This text was up to date on Aug 21, 2023.

We’re actually excited to announce that we’ve got partnered with the unbelievable individuals over at FSCS (Monetary Companies Compensation Scheme) to assist educate you, our readers, about how the monetary service works, the type of issues you might be coated for and whether or not we’ve got help obtainable on this financially making an attempt time.

Over the approaching months our founder Jasmine Birtles is travelling across the UK to host a brand new sequence that guarantees to assist us discover out whether or not we’re financially coated.

She’s going to check out our pensions, insurance coverage, mortgages, banking and funeral plans and assist us perceive how they’re protected and what we are able to do to guarantee that we don’t have any nasty shocks.

Episode Three

What are credit score unions, how do they differ from financial institution accounts and do you have to get one? As soon as once more MoneyMagpie’s Jasmine takes to the streets of London to ask a piece of the general public about their consciousness of this key monetary situation and the way FSCS may help you’re taking management of how your cash is saved and spent.

Episode Two

Our second video within the sequence sees us asking individuals on the road about their pension. A really present and ongoing situation. We take to the road and ask individuals “what would you do in case your pension firm folded?” Folks’s solutions are very attention-grabbing.

What would you do in case your pension firm folded?

You probably have a pension (otherwise you had been suggested to get a pension) and the supplier or adviser has gone out of enterprise, you could possibly declare compensation with FSCS. Whether or not you could have a pension, are considering of getting one or altering it, you need to verify that it’s FSCS protected.

Episode One

We begin the sequence by asking the individuals on the road whether or not they know who FSCS are, and whether or not they’re coated for his or her monetary providers… let’s see what they are saying right here:

What to do if you happen to aren’t coated?

FSCS will not be an insurance coverage firm so that you don’t want an account; anybody could make a declare.

So, when your monetary agency fails, there are two methods you may declare compensation: direct with FSCS at no cost, or by a claims administration firm (CMC) who’ll cost a payment to deal with your declare.

FSCS is impartial, free and funded by the monetary providers trade. They had been arrange by parliament to pay again cash to eligible individuals when their monetary agency fails.

 

 

Disclaimer: MoneyMagpie will not be a licensed monetary advisor and due to this fact info discovered right here together with opinions, commentary, ideas or methods are for informational, leisure or academic functions solely. This shouldn’t be thought of as monetary recommendation. Anybody considering of investing ought to conduct their very own due diligence.



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