Are Company Deposit Accounts covered by the FSCS?
One had assumed that Companies would not enjoy the protection offered to consumers by the Financial Services Compensation Scheme.
However a recent personal communication from the FSA suggests this is not necessarily the case.
It seems that a sole trader, or partnership (of whatever size), is covered. A partnership is treated as a separate entity which means the partners can still claim as individuals in respect of accounts they may also personally have.
A limited company, or limited liability partnership, can claim providing it qualifies as a small company defined in Section 382 of the 2006 Companies Act.
To qualify it must have:
Please note that this information is offered for educational purposes only and you should seek professional advice in relation to any specific case.