New limits to come into force in January 2010
24th April 2009
Consumers will benefit from new compensation limits from next January following an FSA review of the FSCS limits. The FSA announced today that new limits would come into force for investments, insurance and home intermediation from January 2010.
Welcoming the announcement, Loretta Minghella, FSCS Chief Executive said: "The new limits will be good news for consumers. They will be simpler and easier for consumers to understand and people will be able to see more clearly the protection the FSCS affords them. That will be good for consumer confidence which also benefits the financial services industry. We look forward to implementing the new limits from next January."
The FSA sets the rules which govern how the FSCS operates including the limits of compensation the scheme provides. The changes to the limits were proposed in an FSA consultation paper published last October.