Financial Services Compensation Scheme Information Sheet
Your eligible deposits with Zempler Bank are protected up to a total of £120,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit protection scheme. This limit is applied to the total of any deposits you have with Zempler Bank.
Any total deposits you hold above the set limit are unlikely to be covered unless you have special circumstances.
You can find out more information on the scheme by visiting the FSCS website, downloading the FSCS Protecting Your Money PDF or by looking at our FSCS information sheet.
Basic information about the protection of your eligible deposits
The Financial Services Compensation Scheme (“FSCS”)1
£120,000 per depositor per bank2
The following trading names are part of your bank: Zempler
Bank, Zempler
All your eligible deposits at the same bank are
“aggregated” and the total is subject to the limit of
£120,000.2
The limit of £120,000 applies to each depositor separately3
7 working days4
Pound sterling (GBP, £)
Zempler Bank Ltd
Cottons Centre, Cottons Lane, London SE1 2QG
(No.04947027).
Tel: 0330 024 0924
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
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 £120,000 by the Deposit Guarantee Scheme.
2 General limit of protection
If a covered deposit is unavailable because a bank is unable to meet its financial obligations, depositors are repaid by a Deposit Guarantee Scheme. This repayment covers a maximum of £120,000 per bank. This means that all eligible deposits at the same bank are added up in order to determine the coverage level. If, for instance a depositor holds a savings account with £100,000 and a current account with £30,000, he or she will only be repaid £120,000.
This method will also be applied if a bank operates under different trading names. Zempler Bank Ltd also trades under those trading names detailed above. This means that all eligible deposits with one or more of these trading names are in total covered up to £120,000.
In some cases eligible deposits which are categorised as “temporary high balances” are protected above £120,000 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 under http://www.fscs.org.uk
3 Limit of protection for joint accounts
In the case of joint accounts, the limit of £120,000 applies to each depositor. However, eligible deposits in an account to which two or more persons are entitled as members of a business partnership, association or grouping of a similar nature, without legal personality, are aggregated and treated as if made by a single depositor for the purpose of calculating the limit of £120,000.
4 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 £120,000) within 7 working days of the bank failing from 1 January 2024 onwards, save where specific exceptions apply.
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 http://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 will also inform you of any exclusions from protection which may apply. If deposits are eligible, the bank shall also confirm this on the statement of account.
Exclusions list
A deposit is excluded from protection if:
(1) The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact your bank, bank building society or credit union.
(2) The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering.
(3) It is a deposit made by a depositor which is one of the following:
- credit institution
- financial institution
- investment firm
- insurance undertaking
- reinsurance undertaking
- collective investment undertaking
- pension or retirement fund6
- public authority, other than a small local authority.
For further information about exclusions, refer to the FSCS website at www.FSCS.org.uk
6 Deposits by personal pension schemes, stakeholder pension schemes and occupational pension schemes of micro, small and medium sized enterprises are not excluded.