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 ...

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 ...