Financial Services Compensation Scheme
Important information about compensation arrangements
Cheshire Building Society is a trading division of Nationwide Building Society. We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.
In respect of deposits, 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, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £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 building society, including their share of any joint account, and not to each separate account.
Nationwide Building Society operates under the trading names of Cheshire Building Society, Derbyshire Building Society, Dunfermline Building Society and Nationwide UK (Ireland). The FSCS limit relates to the combined amount in all the eligible depositor’s accounts with all of these trading names including Nationwide.
For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website or call: 0800 678 1100 or 020 7892 7300.
Not Eligible to Claim
The following are not eligible to claim compensation under the UK Financial Services Compensation Scheme for deposits:
Large companies*, large mutual associations**, credit institutions, overseas financial services institutions, collective investment schemes operators or trustees, pension and retirement funds and their trustees, supranational institutions, governments, and central administrative authorities, provincial, regional, local and municipal authorities, firms within the Nationwide Building Society Group, persons holding 5% or more of the capital of Nationwide Building Society or of any firm in the Group, the auditors of Nationwide Building Society and its Group, persons considered responsible for the default, persons whose claim arises from transactions in connection with which they have been convicted of an offence of money laundering, Directors and managers of Nationwide Building Society and their close relatives.
*Large companies are defined as firms with at least two of the three criteria: turnover in excess of £6.5 million, balance sheet total in excess of £3.26 million; and more than 50 employees **Large mutual associations hold more than £1.4 million in net assets.