On 3 July 2015, the Prudential Regulation Authority (PRA) announced that from 1 January 2016, the level of FSCS protection for personal and small business depositors will be reduced from £85,000 to £75,000.
The Financial Services Compensation Scheme (FSCS) is a scheme provided by the UK Government. It gives a level of cover for your money if anything happens to your bank, building society or credit union.
Their deposit protection limit is changing from 1 January 2016. This change applies to all banks, building societies and credit unions in the UK.
- For individuals: the level of cover is reducing from £85,000 to £75,000 per bank, building society or credit union
- For joint account holders: each account holder will have a level of cover up to £75,000
If you have any questions about this or other aspects of your banking arrangements please give us a call.