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.
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For information
Review and update all documents that refer to the FSCS deposit protection to reflect the increase to £85,000, particularly disclosure and proposition documents
Find out more about how to prepare for BREXIT.
The FCA has issued new rules and guidance on these topics. Firms providing advice on pension transfers should read more.
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SM&CR Video
Alistair MacDougall Compliance FCA
The FCA has published a video on SM&CR that you might find of interest.