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News Details

27 Jan, 2009

Financial Serevices Compensation Scheme - definition of eligible smaller business

information on the Financial Services Compensation Scheme website indicates that, for the purposes of DEPOSIT and INVESTMENT claims, a company must meet two of the following criteria (as set out in the Companies Act 1985, s247 or Companies Act 2006 s 382) :

Turnover of not more than £6.5M
Balance sheet total of not more than £3.26M
Total number of employees not more than 50.

For claims made under an INSURANCE contract, a small business is one which has an annual turnover of less than £1M.

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