Long-term insurance category
For firms declared in default on or after 3 July 2015, the maximum level of compensation is 100% of the claim, with no upper limit. For firms declared in default on or after 1 January 2010 and before 3 July 2015, the maximum level of compensation is 90% of the claim, with no upper limit. For firms declared in default before 1 January 2010, the maximum level of compensation is 100% of the first £2,000, plus 90% of the remainder.
Personal Investment Plan, Guaranteed Investment Plan, Guaranteed Growth Bond, Investment Bond and Halifax Bonus Bond, Stakeholder Pension, Flexible Protection Plan and Protection for Life products all fall under the long-term insurance category as they are life assurance products and not classed as Investments under the scheme rules.
For Investment and Long-term insurances claims, customers would be covered per person, per separately authorised institution so you can make multiple claims – one per product category per each PRA or FCA authorised institution which is a member of the scheme. The separately authorised institutions within Lloyds Banking Group are: Scottish Widows Limited, HBOS Investment Fund Managers Limited, Clerical Medical Investment Fund Managers Ltd and Scottish Widows Unit Trust Managers Limited.