View more on these topics

FSCS deposit limit to be cut to £75k


The Prudential Regulation Authority plans to cut the Financial Services Compensation Scheme protection limit for savers from £85,000 to £75,000.

The FSCS protects deposits up to £85,000 in the event of the failure of a bank, building society or credit union.

The existing £85,000 limit will remain in place until 31 December to allow savers to plan for and adjust to the change.

From today, depositors with “temporary high balances” will be covered up to £1m for six months from the date on which the money is transferred into their account, or the date on which the depositor becomes entitled to the amount.

The compensation limit originally set at was set at €100,000 (£71,000) in December 2010.


Pension wise logo

Govt eyes Pension Wise expansion

The Government is considering expanding the eligibility criteria for new guidance service Pension Wise just three months after its launch, Money Marketing understands. Initially the Treasury said only people within six months of their 55th birthday could use the service, but this could be lowered to 50. The requirement to be within six months of […]

Scorpion-Predatory Arthropod Arachnid-Venom-Sting-700.png

Agencies up scams fight as over-55s targeted

Regulators, charities and crime agencies are taking part in Scams Awareness Month in a bid to tackle “shapeshifting” fraudsters as new research reveals the scale of the problem. Citizens Advice and Trading Standards Services are leading an awareness campaign over July under the slogan ‘Don’t be rushed. Don’t be hushed’. The move comes as a […]


Multi-million pound Bravura move sparked Cofunds sale

Legal & General’s move to put Cofunds up for sale was sparked by a decision to replatform its technology to Bravura, Money Marketing understands. L&G has sent an information memorandum to potential buyers two years after acquiring the platform. Cofunds is currently powered by IFDS and has been considering its options ahead of IFDS’ contract […]


Tony Wickenden: The tax breaks boosting buy-to-let landlords

There is a very strong British love for investing in property. Owning your own home, owning a second property and investing in property to rent out (and hopefully realise a future capital gain from) are common aspirations here. All have a strong foundation in a basic belief that you cannot go wrong with bricks and […]

Investment clock economic update

In the latest Investment Clock economic update, Ian Kernohan, Senior Economist at Royal London Asset Management, discusses the implications of the US Federal Reserve’s recent hike in interest rates and upcoming French presidential election. The value of investments and the income from them is not guaranteed and may go down as well as up and […]


News and expert analysis straight to your inbox

Sign up


There are 3 comments at the moment, we would love to hear your opinion too.

  1. Richard Anderson 3rd July 2015 at 3:14 pm

    So what about those savers who currently saved £85000 in fixed term investments with the guarantee of it being covered by the FSCS. They cannot be unwound by 31 December.

  2. Promoting confidence in savers.

  3. As Richard says all those savers with 1-yr fixes or longer could see couples now uncovered by £20,000. This is not going to be well received!

Leave a comment