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Deputyship Banking

Are the bank accounts FSCS protected?

Yes. All accounts provided through our partner, Zempler Bank, are covered by the Financial Services Compensation Scheme (FSCS). This scheme provides individual account protection of up to £85,000.

Additionally, our deputyship bank accounts have extended FSCS protection for up to £1 million for the first 6 months. This is due to the large initial deposits that deputies are required to make (such as compensation awards or investment transfers). By having this protection in place, deputies have ample time to plan for investment arrangements to be put in place.

This enhanced protection was first introduced in 2020 by the Financial Services Compensation Scheme. These regulations aim to offer additional security for consumers. For further information about this and any eligibility criteria, please visit the FSCS website.

To open an account on the Monika Banking Platform, simply get in touch and our friendly banking team will be happy to help you.

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