Financial Services Compensation Scheme
Bank of Cyprus UK Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is a member of the Financial Services Compensation Scheme (FSCS) in the UK. All eligible deposits are protected up to £85,000 per customer.
This means that if Bank of Cyprus UK Limited was unable to meet its obligations, our eligible depositors would be able to claim up to £85,000 from the FSCS. The maximum compensation limit applies per depositor not per account, so for joint accounts each account holder would be entitled to compensation up to the maximum limit.
Deposits held in all currencies are protected under the FSCS.
The FSCS covers all personal customers. It also covers all unincorporated partnerships and certain self-invested personal pensions and small self-administered pension schemes. Companies, limited liability partnerships and mutual associations are covered if they are classed as small. The definitions at the date of this document are as follows:
- A company or limited liability partnership is classed as small if it meets at least two of the following criteria: turnover of not more than £6.5 million; balance sheet of not more than £3.26 million; total number of employees of not more than 50.
- A mutual association or partnership is classed as small if it has net assets of not more than £1.4 million.
The FSCS does not cover deposits held by other banks, insurance companies, or certain other firms authorised by the Financial Services Authority.