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Financial Services Compensation Scheme & Dutch Deposit Protection Scheme
We are participants of the Dutch Central Bank’s deposit protection scheme as well as UK Financial Services Compensation Scheme (FSCS), which was set up under the Financial Services and Markets Act 2000. You may be entitled to compensation from these schemes if we cannot meet our obligations. This depends on the type of business and circumstances of the claim. It is normal for deposits with banks regulated in the UK and the Netherlands to be protected by either or both of those compensation schemes. In the unlikely event that we are unable to repay the funds in your Account, you can claim compensation from both schemes. Payments under the Dutch scheme are limited to the first EUR 38,000 (or the equivalent in pounds sterling) of your total deposits held with us. Payments under the UK scheme are limited to £35,000 of your total deposits with us, less any payments made to you under the Dutch scheme. In practice, this means customers with deposits at our UK branch are protected up to a maximum of £35,000 (or EUR 38,000 if more), The compensation limits of apply to each depositor for the total of your deposits with the Bank, regardless of how many accounts you hold or whether you are a single or joint account holder. In the case of a joint account both schemes will assume that the money in that account is split equally between account holders, unless evidence shows otherwise. This means that each account holder in a joint account would be eligible for compensation up to the maximum limit.
You can get more information about the FSCS and Dutch scheme by contacting our Customer Service Centre. Additional information on FSCS is also available at Financial Services Compensation Scheme’s website, http://www.fscs.org.uk .
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