Deposit protection limit to be increased next year

The Financial Services Compensation Scheme (FSCS), which provides protection for savers with accounts in bank, building society or credit unions, is set to be raised to the equivalent of 100,000 euros, approximately £85,000, in January 2011. The change, which comes as a result of alterations to European legislation rules, means that consumers will be able to get more of their money back in case the institution they bank with becomes insolvent or ceases trading.