FSCS deposit limit to drop to £75k - YourMoney
July 4, 2015

The Prudential Regulation Authority has announced changes to the FSCS deposit limit and a new lower level of protection from the Financial Services Compensation Scheme.

 

 

FSCS deposit limit to drop to £75k

The change takes place on January 1st 2016. Retail customers and small business deposit protection at the current level of of £85,000 continues until 31 December 2015, after which a new protection limit of £75,000 is applied.

The FSCS Deposit Guarantee Schemes Directive sets the FSCS deposit limit at the sterling equivalent of 100,000 Euros.

This protection level was set at was set at £85,000 in 2010. At that time this was €100,000. The value of the sterling has increased against the Euro and government is bringing the level into line.

[thrive_toggles_group"]

Would you like a no obligation consulation with an FCA registered adviser? (Click here)

Complete this form for a no obligation consultation with an FCA registered adviser.

Your Name (required)

Your Email (required)

Your Phone (required)

Any Message (e.g Best time to call etc)

[recaptcha]

[/thrive_toggles_group]

 

The PRA (Prudential Regulator Authority)  have to review the deposit level every 5 years and the government has said that it will seek to minimise disruption.  It states that 95% of all depositers will still be fully protected under the new level.  You can read more about the FSCS deposit protection here on the FSCS site 

.

Typical of the nation press coverage is the

.

 

All of the advisers on the YourMoney panel are qualified, experienced FCA registered advisers. Why not have a consultation at their expense to see what they can do for you?

Click Here to Leave a Comment Below

Leave a Reply: