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European rise looms for FSCS

The Financial Services Compensation Scheme limit will “almost certainly” increase to €100,000 (£89,500), according to City minister Lord Myners.

The FSCS has upper compensation limits of £50,000 for individual savers and £100,000 for couples if a bank goes bust.

Myners said: “The FSCS limit of £50,000 is almost certainly going to be increased due to EU action.”

The European Commission is in the later stages of a consultation on deposit compensation limits, which proposes an inc rease in the limit from €50,000 to €100,000 across member states.

FSA chief executive Hector Sants said deposit services within the banking industry do not lack trust because there are mechanisms to protect consumers.

He said: “Effectively, once we get €100,000 consumer protection limits coming in through European directives, most normal people in this country will be protected.”

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