Finance & Payments

These are the UK's three main interbank payment systems. BACS (Bankers' Automated Clearing Services) handles bulk payments like salaries and Direct Debits over a three-working-day cycle. CHAPS provides same-day, high-value sterling transfers (often for property purchases) with no upper limit. Faster Payments enables near-instant electronic transfers up to a per-transaction limit, used for most online and mobile banking payments. Businesses choose based on speed, value and cost.

The Financial Ombudsman Service (FOS) is the UK's free, independent body for settling disputes between consumers and financial businesses — banks, insurers, lenders and advisers. Consumers must first complain to the firm; if unresolved after eight weeks, they can escalate to the FOS, which can order compensation. It covers firms regulated by the FCA and is funded by industry levies and case fees.

The Financial Services Compensation Scheme (FSCS) is the UK's statutory deposit-guarantee and compensation scheme of last resort. If an authorised bank, building society, insurer or investment firm fails, the FSCS protects eligible deposits up to £85,000 per person per institution, and offers cover for insurance and investments. It is free to consumers and funded by levies on the financial industry. Protection applies only to FCA/PRA-authorised firms.