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03/10/2008
Compensation Scheme To Cover Claims Up To £50k
The Financial Services Authority (FSA) has today announced it would be increasing the compensation limit for bank deposits to a total of £50,000 for each customer's claim.
The limit, which has been increased from £35,000, is due to take affect from Tuesday 7 October.
Customers with joint accounts will be eligible to claim up to £100,000.
"This change ties in with the introduction of the Government's Banking Bill in Parliament which is due next week, and is also appropriate given the consolidation that has taken place in the banking sector," Hector Sants, FSA's Chief Executive Officer, said.
Payments will be made through the Financial Services Compensation Scheme. The Authority said it would also look into reforms that would allow compensation to be paid more promptly, as well as the rules surrounding whether deposits are covered on a legal entity, a 'brand' or an 'account' basis.
The FSA is also set to consult on whether the limit should be raised even higher.
The move comes just after the Irish Government guaranteed all deposits at six major banks and building societies for two years, earlier this week.
See: Gov's €400 bn Plan To Be Written Into Law
(JM)
The limit, which has been increased from £35,000, is due to take affect from Tuesday 7 October.
Customers with joint accounts will be eligible to claim up to £100,000.
"This change ties in with the introduction of the Government's Banking Bill in Parliament which is due next week, and is also appropriate given the consolidation that has taken place in the banking sector," Hector Sants, FSA's Chief Executive Officer, said.
Payments will be made through the Financial Services Compensation Scheme. The Authority said it would also look into reforms that would allow compensation to be paid more promptly, as well as the rules surrounding whether deposits are covered on a legal entity, a 'brand' or an 'account' basis.
The FSA is also set to consult on whether the limit should be raised even higher.
The move comes just after the Irish Government guaranteed all deposits at six major banks and building societies for two years, earlier this week.
See: Gov's €400 bn Plan To Be Written Into Law
(JM)
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