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Old March 5th 19, 08:24 AM posted to uk.finance
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Default Does the FSCS cover dormant accounts?

Does the 85000 protected in an account under the Financial Services
Compensation Scheme remain protected if the account becomes dormant?


Harry

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Old April 23rd 19, 08:19 PM posted to uk.finance
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Default Does the FSCS cover dormant accounts?

On 05/03/2019 09:24, Harold Davis wrote:
Does the £85000 protected in an account under the Financial Services
Compensation Scheme remain protected if the account becomes dormant?


I'd suggest that anyone who cared about the answer would be better off
taking steps to reset the 15 year timer.

However it looks to me that it depends on whether or not the money was
transferred to a reclaim scheme. I would guess that if it hasn't it
will treated like any other account, and if it has
https://www.legislation.gov.uk/ukpga/2008/31/section/11 isolates it from
the original bank's failure.

I suspect very few people would actually be sure of the law on this, and
you are unlikely to find them on a forum.



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