The FSA has upped the compensation limit for bank deposits from £35,000 to £50,000. This means in ...
The FSA has upped the compensation limit for bank deposits from £35,000 to £50,000. This means in the event of another bank collapse, savers are guaranteed £50,000 of their money will be protected. Those with joint accounts will be able to claim up to £100,000. The new limit comes into force on 7 October. The regulator is also considering how money recovered from a failed bank could be allocated to savers with deposits of more than the £50,000 limit. The FSA’s CEO Hector Sants said the move was appropriate given the amount of consolidation happening in the banking sector, and ongoing...
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