Understanding the new FSCS protection limit
Many business owners and savers may have received messages from their bank about changes to the Financial Services Compensation Scheme (FSCS). The key update is that the protection limit for eligible deposits has increased from £85,000 to £120,000 per person ... The new FSCS protection limit is an important change that affects how much money is protected in case of a bank failure The FSCS exists to protect customers if a UK-authorised bank, building society or credit union fails. In simple terms, if an eligible financial institution went out of business, the scheme would compensate qualifying customers up to the protection limit. The increase to £120,000 is intended to reflect inflation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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If anything I've written in my blog post resonates with you and you'd like to discover more of my thoughts about the new FSCS protection limit or would like to chat about reviewing your finances because of this change, then do call me on 01908 774320 and let's see how I can help you. Don't forget to stay updated with our daily social media posts on Facebook. |
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