Change to FSCS limits
Friday, 31 December 2010 13:41 |
The Financial Services Authority (FSA) has confirmed that the new deposit compensation limit for the UK will increase from £50,000 to £85,000 per person, per authorised firm, from 31 December 2010.
This is the Sterling equivalent of the 100,000 Euro deposit compensation limit which comes into force in all European Economic Area (EEA) member states at the end of the year.
The UK’s Financial Services Compensation Scheme (FSCS) covers deposits with UK banks and 'subsidiaries' of foreign banks which operate in the UK. However, deposits in 'branches' of EEA banks operating in the UK will not be covered by the FSCS, but rather by the scheme of the country where the branch has its headquarters.
This is the Sterling equivalent of the 100,000 Euro deposit compensation limit which comes into force in all European Economic Area (EEA) member states at the end of the year.
The UK’s Financial Services Compensation Scheme (FSCS) covers deposits with UK banks and 'subsidiaries' of foreign banks which operate in the UK. However, deposits in 'branches' of EEA banks operating in the UK will not be covered by the FSCS, but rather by the scheme of the country where the branch has its headquarters.
