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Protection on personal deposits to increase

By ADRIAN LOWCOCK 22/12/2010

Protection on personal deposits to increase by Adrian Lowcock

The Financial Services Authority (FSA) has confirmed that the Financial Services Compensation Scheme’s (FSCS) deposit limit will increase from £50,000 to £85,000 per person, per authorized firm, from 31st December 2010.

The change brings the UK into line with the €100,000 deposit compensation limit which comes into force in all European Economic Area (EEA) member states at the end of the year.

The actual level of compensation you receive will depend on the basis of your claim. The FSCS only pays compensation for financial loss.

You can visit the FSCS website for more information on compensation limits.

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