Deposit compensation limit increased

The Financial Services Authority has announced a change to our rules that will see compensation limits for deposits increased to 100% of the first £35,000. This will affect claims relating to companies that go into default from 1 October 2007.

This increase means that, should a bank, building society or credit union go into default from 1 October 2007, we will be able to pay compensation to 100% of the first £35,000 per person. Our arrangements for joint accounts and for people who hold accounts with more than one bank stay the same.