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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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City minister Lord Myners has called for banks to shift their internal culture towards “oldstyle” banking, with more decisions in branches and grea ter efforts to engage with the public. At the Which? hearing last week, Myners said a radical shift in the way banks conduct their business is essential. He said: “I want to […]


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