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FSCS limit for deposits to increase

The Financial Services Compensation Scheme (FSCS) has announced that the protection limit for deposits, currently £50,000, will increase to the sterling equivalent of €100,000 effective from 31 December 2010.

The move is part of a European Directive to harmonise compensation levels across EU member states.

For simplicity, the Financial Services Authority (FSA) propose setting the new FSCS deposit limit at £85,000, provided the sterling euro exchange rate does not materially move before the year end. Under the European Directive the UK sterling compensation limit must be realigned with the euro limit every five years.

The FSA plan to issue a consultation on this matter.

 

Posted 26/10/2010

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@sipp plc is authorised and regulated by the Financial Services Authority
FSA Number 462907. Registered in Scotland No SC217126

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