FSCS status

Your tips and ideas
1

Feature idea …

Not all account types you link to are covered by the FSCS scheme. Some, e.g. credit cards, it would make no sense to include, but some “current” and savings accounts are not covered (e.g. Revolut).

It would be useful to have a marker of some kind to indicate accounts whose nature is included in the FSCS scheme but which are not actually part of it.

The next step in this feature is to highlight any accounts that, together with others under the same entity, contain more than the protected £85k. This is not always obvious because institutions merge but keep names - e,g. Yorkshire and Chelsea BSs, and I guess that the protected amount is aggregated across those institutions.

Not sure if FSCS properties are in the API spec, and it would be a pain to manually maintain, but … I have the vague hope that maybe the FSCS “registration” has an identifier that could be in the API data returned and it would be consistent for entities that have a shared limit… Nah, that is far too sensible.

2

Hi @ricochet - I’m afraid we don’t get any sort of indicator whether a specific product falls under FSCS or not from each bank. It’s certainly an interesting idea, but not something we could easily do with the data we get access to today.

3

I suspected as much. And I think it is a recipe for risk exposure for you to maintain anything yourselves.

Do you have a voice at the table in the standards setting process? Is this something you think is a plausible thing to get people to adopt?

I would expect that those under the FSCS would welcome it as it is a distinguishing (positive) feature.