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
FCA guidance for pension providers and DB transfer advisers.
In light of the continuing and increasing concerns over the COVID-19 virus and its impact on the economy and consequently on investors, we recommend that adviser firms should give serious and early consideration to how they will address the various issues arising. ATEB recommends that firms should have a documented policy* in relation to both the virus/health […]
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