oldgit72 Posted March 4, 2009 Share Posted March 4, 2009 Hi, Just had a panic moment as I was about to send off my P85 form to the tax office. Can anyone clarify the position of non-UK residents with regard to the 50k deposit guarantee scheme for UK financial institutions registered with the FSCS? In other words, will I get my 50grand back if I invest in a UK bank that goes bust if I am no longer tax resident in the UK? I have tried the FSA and FSCS web sites but can't find anything definitive. If anyone can provide a link to something in black and white I would appreciate very much. Thanks Link to comment Share on other sites More sharing options...
freddy Posted March 5, 2009 Share Posted March 5, 2009 I suggest you have a wander through google but I'm almost certain the guarantee is independent of the residence of the holder. See as a starting point http://www.fscs.org.uk/ which details the scheme - this doesn't seem to mention any exclusions of where the customer lives and I'm pretty sure it would.To support this consider the these recent events - 1.Icelandic bank goes belly up - huge fuss because the Icelandic government is refusing to cover UK savers - it is made very clear that this is their obligation, but UK gov. will cover if necessary.2.Irish government fully guarantees all deposits in Irish banks - they make it clear that UK depositors are covered by this better guarantee - this results in large amounts of saving pouring into Irish banks and much whining about it not being fair from the rest of the EU.3. Big fuss over Ilse of Mann banks which are not covered by the UK guarantee even though many (most?) depositors are UK mainland resident.All this would strongly suggest that it is location of the bank (or rather the banking licence) and not of the customer that controls. The only possible problem I can see is if you had deposits in, say, an Icelandic bank that does belly up and the Icelandic government refuses to pay up. Do you seek cover from the UK (where you openned the account) or france where you are resident. Link to comment Share on other sites More sharing options...
oldgit72 Posted March 6, 2009 Author Share Posted March 6, 2009 Thanks for the reply. I eventually found what I needed via the FSA handbook. For anyone who is interested, here is the link to the specific FSA guidelines as to who is eligible for compensation: http://fsahandbook.info/FSA/html/handbook/COMP/4/2#D6 Link to comment Share on other sites More sharing options...
Phil & Pat Posted March 6, 2009 Share Posted March 6, 2009 A model of clarity... Link to comment Share on other sites More sharing options...
mint Posted March 6, 2009 Share Posted March 6, 2009 P & P, in that case, can you sort of er...............summarise it all for those of us who do not have your formidable powers of comprehension? PLEASE! Link to comment Share on other sites More sharing options...
oldgit72 Posted March 7, 2009 Author Share Posted March 7, 2009 It's simple. Everyone is covered unless you are not!! Seriously though, it looks as though unless you are investing as a business , are directly related to a bank director (bad luck Mrs Goodwin) or in some way responsible for the financial institutions downfall(ditto), then you should be allright. Mind you, if/when the IMF take over UKPLC, then who knows? Link to comment Share on other sites More sharing options...
Phil & Pat Posted March 7, 2009 Share Posted March 7, 2009 [quote user="sweet 17"]...can you sort of er...............summarise it all...[/quote]Only when someone has counted all the hypertext links involved in this and all other linked documents, and demonstrated that there are no circlar links.I've been caught out before. [:D] Link to comment Share on other sites More sharing options...
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