FSCS

Basic information about the protection of your eligible deposits

The Financial Services Compensation Scheme (‘FSCS’) protects deposits made by most individuals and businesses. Your account statement will confirm whether your deposits with Number One Police Credit Union Limited trading as No1 CopperPot Credit Union are eligible for FSCS protection. Details of certain exclusions from the FSCS’s protection are set out in the exclusions list after this information sheet.

Additional information

¹ Scheme responsible for the protection of your eligible deposit:

Your eligible deposit is covered by a statutory Deposit Guarantee Scheme. If insolvency of your bank, building society or credit union should occur, your eligible deposits would be repaid up to £120,000 by the Deposit Guarantee Scheme.

² General limit of protection:

If a covered deposit is unavailable because a bank, building society or credit union is unable to meet its financial obligations, depositors are repaid by a Deposit Guarantee Scheme. This repayment covers a maximum of £120,000 per bank, building society or credit union. This means all eligible deposits at the same bank, building society, or credit union are aggregated to determine the coverage level.

For example, if No1 CopperPot Credit Union goes out of business the eligible deposits will be added up and the £120,000 will be applied to the total balance. For example, if you hold two savings accounts with £80,000 in one and £50,000 in the other, FSCS will pay you £120,000 and you may lose £10,000. To ensure the FSCS can pay you promptly please ensure that No1 CopperPot has your up-to-date contact details including your email address.

If you have a ‘temporary high balance’ you may be entitled to more than £120,000 protection for six months from when the amount was first deposited or legally transferred. Temporary high balances are deposits connected with certain events, including:

• Transactions relating to the purchase and sale of your main home
• Major life events such as death, marriage/civil partnership, divorce, retirement, redundancy, disability or incapacity
• Compensation for personal injuries or wrongful conviction

³ Limit of protection for joint accounts:

Each eligible account holder is entitled to £120,000 protection in total. For example, if there are two account holders, you will each be entitled to £120,000 protection, giving a total of £240,000.

Eligible deposits in business accounts are treated as if made by a single depositor. These accounts are only protected up to £120,000.

⁴ Reimbursement:

FSCS will typically return deposits within seven business days by cheque or electronic payment into an alternative account. Payments may take longer in exceptional circumstances, for example if there is a temporary high balance, or the deposit is held on behalf of underlying beneficiaries.

Contact details for further questions about your account:
No1 CopperPot Credit Union
Phone: 0161 741 3160
Email: info@no1copperpot.com
Address: Slater House, Oakfield Road,
Cheadle Royal Business Park,
Cheshire, SK8 3GX

Contact details for more information on FSCS protection:
You can find more information on FSCS protection on its website at www.fscs.org.uk or by contacting the FSCS using the details below: Telephone: 0800 678 1100

If you have not been repaid within these deadlines, you should contact the Deposit Guarantee Scheme since the time to claim reimbursement may be barred after a certain time limit. Further information can be obtained under www.fscs.org.uk.

Other important information: In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the website of the responsible Deposit Guarantee Scheme. Your bank, building society or credit union will also inform you of any exclusions from protection which may apply. If deposits are eligible, the bank, building society or credit union shall also confirm this on the statement of account.

Exclusions list

Deposits excluded from protection:

1. The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact your bank, building society or credit union.
2. The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering.
3. It is a deposit made by a depositor which is one of the following:
   • credit institution
   • financial institution
   • investment firm
   • insurance undertaking
   • reinsurance undertaking
   • collective investment undertaking
   • pension or retirement fund¹
   • public authority, other than a small local authority
4. It is a deposit of a credit union to which the credit union itself is entitled.
5. It is a deposit which can only be proven by a financial instrument² unless it is a savings product evidenced by a certificate of deposit made out to a named person and which existed in the UK, Gibraltar or EU on 2 July 2014.
6. It is a deposit of a collective investment scheme which qualifies as a small company.³
7. It is a deposit of an overseas financial services institution which qualifies as a small company.⁴
8. It is a deposit of certain regulated firms which qualify as a small business or small company⁵ refer to the FSCS for further information on this category.
9. It is not held by an establishment of a bank, building society or credit union in the UK or, for UK-incorporated banks/building societies, not held by an establishment in Gibraltar.