Protection for depositors will increase in January 2011

22nd September 2010

The current limit for Deposits is £50,000. The FSCS limit for deposits will increase on 31 December 2010 following European legislation. The FSA plan to issue a consultation shortly on increasing the coverage limit to the equivalent of €100,000.

Jargon Buster

  • Deposits

    money placed in a bank or similar institution to earn interest or for safe-keeping.
  • FSA

    Financial Services Authority, was previously the UK's regulator for the finance industry. It was replaced by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) on 1 April 2013.