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Financial Services Compensation Scheme Information Sheet
The Financial Services Compensation Scheme (‘FSCS’) protects deposits made by most individuals and businesses. Your account statement will confirm whether your deposits with National Bank of Kuwait (International) PLC are eligible for FSCS protection. Details of certain exclusions from the FSCS’s protection are set out in the exclusions list below this information sheet.
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Limit of Protection |
£120,000 per depositor per bank, building society or credit union. If National Bank of Kuwait (International) PLC goes out of business the eligible deposits with National Bank of Kuwait (International) PLC will be added up and the £120,000 will be applied to the total balance. For example, if you hold a savings account with £80,000 and a current account with £50,000, FSCS will pay you £120,000 and you may lose £10,000. To ensure the FSCS can pay you promptly please ensure that National Bank of Kuwait (International) PLC has your up-to-date contact details including your email address. |
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| Joint and Group 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. This means these types of account will only be protected up to £120,000. |
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| Temporary High Balances | 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: (a) Transactions relating to the purchase and sale of your main home (b) Major life events such as death, your marriage or civil partnership, divorce, retirement, redundancy, disability or incapacity (c) Compensation for personal injuries or wrongful conviction |
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| How the FSCS Will Pay You | FSCS will typically return deposits within 7 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 | Telephone: +44 (0) 207 224 2277 Email: info@nbki.com Contact your Relationship Manager at NBK UK Post: National Bank of Kuwait (International) PLC, 13 George Street, London W1U 3QJ |
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| 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 Email: enquiries@FSCS.org.uk |
Financial Services Compensation Scheme Exclusions List:
As set out in the Depositor Protection Information Sheet, deposits held by individuals and businesses will be generally eligible for FSCS protection up to the compensation limit. However, some exclusions do apply. Details of the most common exclusions are set out below. For full details of the exclusions please see the Depositor Protection Part of the PRA Rulebook.
A deposit is excluded from protection if it meets any of the following criteria:
1- The account holder is:
- A credit institution
- A financial institution
- An investment firm
- An insurance undertaking
- A reinsurance undertaking
- A collective investment undertaking
- A pension or retirement fund
- A public authority, other than a small local authority
Note that:
- Deposits held on behalf of underlying beneficiaries who are eligible for FSCS protection, are not excluded
- Personal pension schemes, stakeholder pension schemes or occupational pension schemes for micro, small and medium sized companies are not excluded
2- It is not held at a UK establishment of a bank, building society or credit union. Or, in the case of a bank, building society or credit union incorporated in the UK, it is not held at an establishment in Gibraltar
3- The deposit is involved in any transactions where there is a link to a criminal conviction for money laundering. For example, it is transferred from an account held by someone who has been convicted of money laundering
For further information about exclusions, please refer to the FSCS website at www.fscs.org.uk
National Bank of Kuwait (International) PLC
Registered in England & Wales with Company Number 02773743. Our registered office is NBK House, 13 George Street, London, W1U 3QJ, United Kingdom. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority as firm number 171532.