***The FSCS limit set at £85,000 will now be increased to £120,000***
The deposit protection scheme means customers can currently claim back the first £85,000 of their money. But from December that will rise to £120,000.
The move, confirmed by the Prudential Regulation Authority (PRA) which supervises UK banks, marks the biggest increase since 2017 when the current limit was set.
Martyn Beauchamp, chief executive of the Financial Services Compensation Scheme (FSCS), said: "This rise ensures that consumers can feel confident their money is safe, from the very first penny up to £120,000."
Toby Newbatt
BREAKING NEWS
***The FSCS limit set at £85,000 will now be increased to £120,000***
The deposit protection scheme means customers can currently claim back the first £85,000 of their money. But from December that will rise to £120,000.
The move, confirmed by the Prudential Regulation Authority (PRA) which supervises UK banks, marks the biggest increase since 2017 when the current limit was set.
Martyn Beauchamp, chief executive of the Financial Services Compensation Scheme (FSCS), said: "This rise ensures that consumers can feel confident their money is safe, from the very first penny up to £120,000."
Credit: BBC News
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