News in brief
Compensation Scheme limit increased
The Financial Services Authority (FSA) has increased the limit of the Financial Services Compensation Scheme (FSCS) cover for deposits to 100 per cent of the first £35,000 of each depositor's claim. This increase applied from 1 October 2007.
The previous compensation limit was a maximum of £31,700 (made up of 100 per cent of the first £2,000 and 90 per cent of the next £33,000).
FSA regulated deposit takers will need to review customer terms and conditions to amend references to the financial limits.
On top of this, the Chancellor, Alistair Darling says he is looking at ways of guaranteeing people's savings held by a bank or building society up to £100,000.
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This article is for your general information and use only and is not intended to address your particular requirements. This article is based on our understanding as at the 11 October 2007. The content of the article should not be relied upon in its entirety. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without appropriate professional advice after a thorough examination of their particular situation. Any references made to the Pre-Budget Report may be subject to the Finance Bill becoming law. |