Are there any compensation arrangements covering Our SIPP?admin
Metro Bank, the bank account provider for our SIPP products, is a member of the Financial Services Compensation Scheme (FSCS). Heritage Pensions is also a member of the FSCS. The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.
An eligible depositor is entitled to claim up to £85,000. For joint accounts, each account holder is treated as having a claim in respect of their share, so two eligible depositors with a joint account could claim up to a maximum of £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the bank, including their share of any joint account, and not to each separate account.