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Protection of TEPs Print E-mail

Protection of TEPs

Traded Endowments are even "safer" than S$ Bank Deposits. Singapore only has maximum Deposit Insurance up to S$20,000 per bank. Even if you have S$1 million with a bank, you only get back S$20,000 if the bank goes into trouble.

For Traded Endowment, the protection is 90% of the amount of policy cash value, not subject to a maximum amount (see details below).

 

Information about FSCS

The Financial Services Compensation Scheme (FSCS) is the UK's statutory fund of last resort for customers of authorised financial services firms. This means that FSCS can pay compensation if a firm is unable, or likely to be unable, to pay claims against it. FSCS is an independent body, set up under the Financial Services and Markets Act 2000 (FSMA). Our service is free to consumers.

Compensation Limits
The maximum levels of compensation are:

      Non-compulsory insurance (both general and life insurance): proctection for 90% of the claim,
      with no upper limit.


The actual level of compensation you receive will depend on the basis of your claim. FSCS can only pay compensation for financial loss.
Compensation limits are per person (per firm and type of claim).


How to claim

It does not cost you anything to claim compensation, and our staff are always happy to answer your questions. We will do all we can to help you with your claim.
FSCS handles claims against authorised firms that are unable, or likely to be unable, to pay claims against them. We describe this as being in default.

You can search our default database to see if the firm you are making enquiries about has already been declared in default by FSCS. A declaration of default by FSCS opens the way for consumers who have lost money as a result of dealings with the firm to make a claim for compensation to us.
 
How to contact FSCS
Call our Customer Services Team on: 020 7892 7300
Email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

Please include your full name and address with any message you send us.
Write to:

   Financial Services Compensation Scheme
   7th floor, Lloyds Chambers
   Portsoken Street
   London E1 8BN
   Fax: 020 7892 7301