Three compensation schemes you need to know about
Filed under: Your Rights
But how do these schemes work? And what other compensation schemes can you turn to when you're in a financial fix?
Need to know: Savings
Riot Act police compensation schemes
However, when he confirmed that those affected by the recent riots would be able to make claims to the schemes in their areas, the Prime Minister also extended the claims period to 42 days. Anyone affected therefore has up to 42 days to make a claim of this kind.
To make a claim, they must provide the police with the time and date of the riotous behaviour, the address of the property or the location of the property or vehicle in question and the events that occurred leading to the damage.
The relevant police compensation authority will then determine how much compensation they deserve, while any insurance payouts they receive will be deducted from the sum.
Financial Services Compensation Fund (FSCS)
The maximum that it can pay out in a situation of this kind is £85,000 per individual saver, which is why those with large amounts in cash savings are advised to spread their nest eggs between several institutions to avoid leaving themselves open to losses should the account providers in question hit trouble.
While, in the past, any outstanding loan or debt to the bank or building society concerned would be deducted from the compensation payout made against their lost savings, people's deposits are now ring fenced, meaning that they will get the full balance - up to £85,000 - back regardless.
Not all the companies offering savings accounts in the UK are covered by the FSCS, though. Deposits in 'branches' of EEA banks operating in the UK, for example, will not be covered by the FSCS, but by the scheme of the country where the branch has its headquarters.
Visit the FSCS website for more details.
If eight weeks after you make a complaint you have yet to receive a satisfactory response, however, you can then ask the FOS to look into your case. Should it decide in your favour, it can then order the company in question to offer you a refund and/or compensation of up to £150,000.
Research looking at consumers who have used the FOS shows that nearly 75% feel it provides a "fast and efficient service", while about half the cases reviewed result in compensation of some kind, so it is definitely worth taking the time to contact the service with your grievances.
Visit the FOS website to find out more.