Compensation limit for savers to rise

FSA confirms increase in compensation limit for savers to rise from 31st December 2010. A rise in the compensation limit could benefit savers in 2011 according to the FSA. The Financial Services Authority (FSA) has confirmed that the compensation limit for savers will rise on 31st December 2010 from the current limit of £50,000 to £85,000. The new limit applies per authorised firm. The figure of £85,000 is broadly the sterling equivalent to the new 100,000 euro limit which will come into force across the European Economic Area (EEA) from the end of the year.