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FSCS confirms deposit limit to rise to €100,000

The Financial Services Compensation Scheme has confirmed its protection limits for savings on deposit will rise to €100,000 (£85,400) on December 31, 2010.

The FSCS deposit limit is currently £50,000 for individuals and £100,000 for couples. It is to rise after the European Commission consulted member states over harmonising the limits across the continent.

An FSCS announcement says the FSA is to launch a consultation in October over the plans, which were reported by Money Marketing in March.

The announcement comes after the FSCS yesterday insisted it had no plans to cut its compensation limits for investments, which is currently £50,000.

It said the FSCS has no ability to change the limits, which are set by the FSA, although the European Commission is considering harmonising the limit Europewide to €50,000.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. And why do we need harmonised limits across the EU?

    Beaurocracy gone madder!

  2. The compensation machine will become your prison, however not all EU states have one and even those that do don’t compare with what the UK consumers percieves as a ‘guarantee’ which entitles them to take risks they would not normally contemplate.

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