New compensation limit for deposits
3rd October 2008
The Financial Services Authority announced today (3 October 2008) that the FSCS compensation limit for deposits is increasing to £50,000 with effect from 7 October 2008.
The new limit will apply to each depositor for the total of deposits they hold with an organisation regardless of how many accounts they hold or whether they are a single or joint account holder. In the case of a joint account, FSCS will assume that the money in the account is split equally between account holders, unless evidence shows otherwise.