Financial Services Compensation Scheme (FSCS)
The firm operating under The Children’s Mutual name (Forester Fund Management Limited) are covered by the Financial Services Compensation Scheme (FSCS).
All customers investing with us enjoy the relevant protection provided by the Scheme.
We’ve provided some frequently asked questions (FAQs) below to help answer some of the queries that you may have about the FSCS.
Financial Services Compensation Scheme FAQs
What is the Financial Services Compensation Scheme (FSCS)?
The FSCS is the UK’s statutory fund of last resort for customers of financial services firms. This means that FSCS can pay compensation to consumers if a financial services firm ceases trading or is unable, or likely to be unable, to meet its obligations to customers or pay claims against it.
The FSCS is an independent body, set up under the Financial Services & Markets Act 2000 (FSMA). It does not charge individual consumers for using its service.
How can I find out if you are a ‘member’ of the FSCS?
The FSCS doesn’t have ‘members’, however, it covers business conducted by firms that are authorised by the Financial Services Authority (FSA).
What is my product classified as?
Junior ISAs, Child Trust Funds and Growing Up Bonds are classified as ‘Investment Business’. All other products provided by The Children’s Mutual fall under the heading ‘Insurance Business’.
How much of my or my child’s money is covered?
The FSCS has limits; these apply separately for each person for each authorised firm.
The FSCS limits applying to the type of business provided by The Children’s Mutual are:
- Investments: 100% of the first £50,000 per person per firm (for claims against firms declared in default from 1 January 2010).
- Insurance Business: 90% of the agreed claim with no upper limit. (However, the FSCS would first of all try to find another insurer to take over and continue the policy, and would only pay compensation if it failed to do so).
For more information please visit the FSCS website.