The Financial Services Authority has announced a change to the limit of compensation payments for savers with banks, building societies and credit unions (the 'accepting deposits' sub-scheme).

From 7 October 2008, the new limit is 100% for the first £50,000. The new limit does not apply for claims against firms declared in default before 7 October 2008. This increases the amount of protection available to savers from that detailed within this savings brochure. This change is separate from the continuing review of Financial Services Compensation Scheme funding limits.

As a customer of Tipton & Coseley Building Society your account(s) with us are covered by the Financial Services Compensation Scheme up to the maximum of £50,000 per person, unless you are:

• A large company;
• A large partnership;
• A large mutual association;
• A local, provincial or municipal authority;
• A credit institution;
• An overseas financial services institution;
• An operator or trustee of a collective investment scheme;
• A pension and retirement fund or a trustee of such a fund;
• A supranational institution;
• A government, or central administrative authority;
• A firm within the Tipton & Coseley Building Society group;
• A person whose claim arises from transactions relating to conviction they have received for money laundering.

Further details of exclusions from the Financial Services Compensation Scheme cover can be found on the Financial Services Authority website.