FSCS is the UK’s statutory fund of last resort for customers of financial services firms authorised by the Prudential Regulation Authority (“PRA”) and/or the Financial Conduct Authority (“FCA”). This means that FSCS can pay compensation to consumers if a financial services firm is unable, or likely to be unable, to pay claims against it.
The FSCS insurance covers all eligible claimants that are clients of financial institutions authorised by the Financial Conduct Authority. This includes clients that are not UK resident. For full details on who is eligible, see COMP 4.2 of the FCA Handbook.
For more information please refer to the official FSCS website.