New £85,000 deposit limit from today
People now have more financial protection for their deposits.
The Financial Services Compensation Scheme (FSCS) limit is now £85,000. It’s up £10,000 after an increase by the regulator earlier this month. And the limit for joint accounts moves to £170,000.
Chief Executive, Mark Neale, says the increase strengthens savings protection.
“Increasing our limit means we’ll protect more money and more people. Our new limit will protect about 98% of the UK public. So people can be sure their money in banks, building societies and credit unions is safe.”
Latest News from
FSCS clarification – July 2019 monthly defaults press release - Assura Protect Ltd27/01/2020 16:20:00
FSCS wishes to clarify that Assura Protect Limited of 86 Gloucester Place, London W1U 6HP has not been declared in default by FSCS and we understand is still trading and remains Authorised under FRN 678817 by the Financial Conduct Authority.
Quick Sure Insurance Company Ltd has failed27/01/2020 13:48:00
Quick Sure Insurance Ltd, a Gibraltar-based insurance company, was declared in default recently (Friday 24 January 2020) by the Financial Services Compensation Scheme (FSCS).
Plan and Budget20/01/2020 12:25:00
FSCS Plan and Budget outlines expected management costs and the latest forecast of potential claims volumes. Also outlined are initial forecasts for the levy financial services firms will pay next year, as well as any supplementary levy that may be due.
FSCS announces its annual Plan and Budget 2020/2116/01/2020 16:20:00
Compensation scheme announces indicative levy of £635m and management expenses budget of £78.2m for 2020/21 in its Plan & Budget
FSCS announces decision on LCF claims09/01/2020 13:25:00
The Financial Services Compensation Scheme (FSCS) today announces key decisions for claims in relation to the London Capital and Finance (LCF) failure.
Mail Online, This is Money & FSCS06/01/2020 14:10:00
FSCS, the Mail Online and This is Money have joined forces to produce a series of podcasts and articles. They all have one purpose – to help you keep your money safe.
North Airdrie Credit Union Ltd fails18/12/2019 13:47:00
The Financial Services Compensation Scheme (FSCS) has stepped in to protect the members of North Airdrie Credit Union Ltd, which has stopped trading and is now in default.
FSCS Outlook December 201917/12/2019 12:10:00
Welcome to the latest edition of Outlook where we discuss updates that have taken place since we published the previous edition in April this year.