Savings: Bank of Cyprus savers to get FSCS protection

Savings: Bank of Cyprus savers to get FSCS protection In a move that will be welcomed by many UK savers the Bank of Cyprus is set to join the UK Financial Services Compensation Scheme (FSCS). At present savers with the Bank of Cyprus are protected by the Cypriot Deposit Protection Scheme, which provides cover up to €100,000, equal to approximately £80,000 at the current exchange rate. However, the bank’s UK subsidiary will now become a member of the UK FSCS, probably ...

Savings: More publicity for saver protection

Savings: More publicity for saver protectionIt seems that people with savings accounts are still unaware of the compensation they are entitled to if their bank or building society fails. The FSA (Financial Services Authority) want to address the problem and under new regulations due to be introduced on 31st August are requiring all banks and building societies to put up notices in their branches and also on their websites explaining to savers how their money is protected....