What does Building Societies Investor Protection Scheme mean?

Building Societies Investor Protection Scheme meaning in Finance Dictionary

A scheme put up to offer restricted security to people who have share and/or deposit reports in authorised building societies that fail. Building societies are managed and supervised because of the Financial Services Authority therefore the Investor Protection Scheme had been replaced by the Financial solutions Compensation Scheme (FSCS) in December 2001. When it comes to an authorised building community being ended up there is certainly a provision to pay settlement of 90percent of a person's shares and/or build up as much as a collection maximum.