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JLS star explains the benefits of FSCS-protected accounts

Few people make huge sums in the music industry, and the days of private jets emblazoned with a band’s logo have been left behind in the 1980s, but money is as important to musicians as it ever has been.

No matter if you are in Coldplay arguing with Spotify about streaming rates or an emerging artist about to play your first gig, keeping your finances in order and protected should be a priority.

The 2008 crash demonstrated that the financial system is not always steady, but in the UK the Financial Services Compensation Scheme (FSCS) is there to protect your mortgages, insurance and savings with banks, building societies or credit unions – up to a value of £85,000 per individual.

In fact, when Bradford and Bingley and Icesave collapsed in 2008, the FSCS protected the savings of thousands of customers, making sure that the money they had taken years to save did not suddenly disappear.

Marvin Humes of JLS recently spoke about the importance of having his savings protected by the FSCS, as the band would not have been able to get off the ground if he had lost that money.

He said:

We were managing ourselves for the first year of the band. And luckily for me, I had a small pool of money in an FSCS protected account that I used to fund some of that. And definitely, if I’d not had that money, I wouldn’t have been able to stay in the band.”

The vast majority (98%) of the UK population have money protected by the FSCS, and protection is free and automatic, with savers automatically getting their money back within seven days if their bank or buildings society fails. It’s a very useful safety net for our interactions with the financial system, letting musicians like everyone else better plan for their future.

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