The Financial Services Compensation Scheme (FSCS) protects customers of UK financial services firms that have failed. If a company you hold money with has defaulted and can’t pay claims against it, the FSCS may step in to pay compensation, up to £85,000 per eligible person, per bank.

Please note, the £85,000 limit applies to the total amount of money you hold at any one bank, whether it is deposited by Tembo, by other providers, or by you directly with the bank. So, for example if you have a Barclays current account, the funds held in this account will take up part of your £85,000 claim limit for Barclays alongside any funds held by Barclays on Tembo’s behalf. Any interest which is due but not paid is not protected by the FSCS.

If you have an investment account where the units are held by a fund manager which is FSCS-protected - for example a Tembo Stocks & Shares Lifetime ISA - you cannot claim if the shortfall or loss was a result of a general investing risk. The FSCS will not accept any claims for investment underperformance or losses.

For more information, please see the FSCS website.