FSCS changes

November 27th, 2015

Change to the FSCS deposit protection limit

As you know, the PRA is responsible for the Financial Services Compensation Scheme (FSCS) rules in respect of deposit protection. These rules support the objective of maintaining financial stability and confidence in the system by reducing the disruption to consumers and the financial system if a bank, building society or credit union fails.
Under European law the FSCS deposit protection limit is calculated by reference to the value of €100,000. The law requires such a calculation to be made on 3 July 2015, That has been done and the current value of the Euro means that the existing limit of £85,000 has been amended to £75,000.

To support the transition to the new limit, HM Treasury has taken steps to maintain the level of compensation available under PRA rules at £85,000 from now until 31 December 2015 for depositors who were eligible for compensation.

What does this mean for depositors?

Most depositors, including individuals and small companies, will continue to be protected up to £85,000 until 31 December 2015, after which the limit will change to £75,000.

For any depositors who have now become eligible for compensation (e.g. large companies and small local authorities), the £75,000 limit will apply from 3 July 2015.

 

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