Protecting our Clients

The UK Financial Services Compensation Scheme (FSCS) may offer protection if a client suffers financial loss as a direct consequence of a UK financial institution being unable to meet any of its liabilities. Payments to eligible claimants under the FSCS will vary depending on the type of protected claim (for example, a deposit or investment) that the claimant has. Eligible claimants include individuals and some other clients, such as small enterprises or beneficiaries of certain eligible types of trust. For joint accounts, each individual account holder is eligible to claim up to the relevant FSCS limit.

Claims in respect of protected investment business and advice are currently limited to 100% of the first £50,000.

Some types of claimants and accounts are not covered by the FSCS. While the determination of eligibility for compensation ultimately lies with the FSCS, the main exceptions to the FSCS's coverage that may apply to our clients are as follows:

• Claims by financial institutions, collective investment schemes, local authorities, occupational pension schemes and similar bodies;
• Claims by large companies (i.e. a company that is not a "small company" under section 382 of the Companies Act 2006, which, in summary, is one that satisfies at least two of the following three conditions: turnover of less than £6.5 million; balance sheet total of less than £3.26 million; fewer than 50 employees); and
• Claims by large partnerships or large mutual associations (a partnership, mutual association or unincorporated association with net assets of more than £1.4 million).

Note that the above financial criteria may be amended by the government from time to time. Further guidance on eligibility, including how the rules apply to charity clients, is available from the FSCS's website at: www.fscs.org.uk/what-we-cover.

A detailed description of the Financial Services Compensation Scheme (including information on how to make a claim, eligibility criteria and the procedures involved) is available from the Financial Services Compensation Scheme who can be contacted at 10th Floor, Beaufort House, 15 St Botolph Street, London, EC3A 7QU.

We also maintain valid professional indemnity insurance.

This is only available to residents of the U.K. Surrey Downs Financial Services Limited and Resolution Compliance Limited are not responsible for the content of external Internet sites.