The Financial Services Compensation Scheme (FSCS) deposit protection limit could increase from £85,000 to £110,000 under proposals outlined by the Prudential Regulation Authority (PRA).
The deposit protection limit is the maximum amount of money the FSCS protects if a depositor's bank, building society, or credit union becomes insolvent. It has remained at £85,000, per person, per institution since 2017. FCA and PRA ditch plans to progress with diversity and inclusion targets The proposed increase accounts for inflation over the past seven years and aims to reassure consumers about the security of their deposits in UK-authorised financial institutions. If implemented, the new limit will apply to firms that fail from 1 December 2025. PRA deputy governor for prudent...
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