Financial Services Compensation Scheme Deposit Protection Limit Increase from 30th January 2017

23 January 2017

Pound Stack

The Financial Services Compensation Scheme (FSCS) is a scheme provided by the UK Government. The scheme protects an amount of your money should anything happen to your bank, building society or credit union.

From 30th January 2017, the FSCS deposit protection limit is set to change, and this will apply to all banks, building societies and credit unions based in the United Kingdom.

This will affect UK savers as follows:

  • For individuals and small businesses, the level of cover will increase from £75,000 to £85,000 per bank, building society or credit union. 
  • Joint accounts will benefit from the increase with a new limit of £170,000.
Mark Neale, FSCS Chief Executive, says boosting the limit will protect more people. “The £85,000 limit protects about 98% of the UK public. More people will have more protection for more of their money.”

You can find some useful question and answers on the FSCS compensation arrangements here.

Source: https://www.fscs.org.uk/news/2017/january/limit-change-consumer-update/

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