HM Treasury has taken action to protect the interests of retail depositors and wider financial stability following London Scottish Bank plc entering administration.

The Chancellor has put in place arrangements to ensure that all eligible retail depositors (that is, those depositors who are eligible to claim under the Financial Services Compensation Scheme (FSCS)) in London Scottish Bank plc will receive their money in full, including those with balances above the current £50,000 FSCS limit.

Retail Depositors (including individuals)

Retail depositors will receive their money in full when the term of their deposit matures. They will need to apply to the Financial Services Compensation Scheme to receive compensation. Further details can be found on the FSCS website http://www.fscs.org.uk/consumer/ or by phoning 020 7892 7300.

Wholesale depositors & other creditors

London Scottish Bank plc is in administration. Wholesale depositors are not eligible for FSCS compensation although they will be creditors in the administration. Creditors should contact the administrator Ernst and Young on 0207 951 2000.

Source: HM Treasury

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