FSCS deposit protection limit to increase

Following consultation by the Prudential Regulation Authority (PRA) the Financial Services Compensation Scheme (FSCS) is to increase its protection for deposits back to £85,000 per individual per institution (banks, building societies and credit unions) from 30 January 2017.

The increase has been prompted by the weakening of the Pound against the Euro.

The FSCS news article can be found here.

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Our View

For information

Action Required By You

Review and update all documents that refer to the FSCS deposit protection to reflect the increase to £85,000, particularly disclosure and proposition documents

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Technical Manager - Often referred to as the Oracle or the Sage, Alistair has a wealth of financial services experience. He is our go-to Technical Manager and enjoys nothing more than a complicated conundrum. Feel free to test his renowned knowledge by getting in touch.

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