Savings: Three problems for savers as compensation limit is cut

FSCS logoThe Christmas period may have distracted many savers, from the fact that their savings will now receive a lower level of protection, than was previously the case. From 1st January 2016, savings will only be covered up to £75,000 per person, per authorised institution by the Financial Services Copensation Scheme (FSCS), a £10,000 reduction on the previous level of cover. Responding to the change, Mark Neale, FSCS Chief Executive, said: "The good news is that the new limit will protect some 97% of people, with about 93% of consumers having £50,000 ...

Consumers prepared to take less risk with their cash than their health

Consumers prepared to take less risk with their cash than their healthMost of us know how important it is to carefully asses the risk of any investment before handing over out hard earned cash. But new figures reveal how much risk we are prepared to take with our money compared to other areas of our lives. The research, conducted by the Financial Services Compensation Scheme (FSCS) and unveiled at the same time as they launch the second stage of their ...

Savers urged to check FSCS compensation scheme limits

Savers urged to check FSCS compensation scheme limitsSavers have been urged to check that the money they hold with banks and building societies is within the compensation limits of the Financial Services Compensation Scheme (FSCS ). The chief executive of the FSCS, Mark Neale, said that savers should feel reassured by the existence of the scheme but at the same time should also check their savings against the scheme’s limits. FSCS compensation limits The FSCS provides cover of up to £85,000 per saver per authorised ...