FSA moves to raise consumer awareness of deposit protection

14th December 2011

The Financial Services Authority (FSA) has today announced its aim to make it compulsory for all authorised financial organisations to display information about compensation claim limits in its branches and on its websites.

The FSA, working with FSCS, continues to work towards greater confidence and awareness of the deposit limits among consumers. Up to £85,000 in compensation can be claimed if consumers have money in a failed financial institution, although any money over this amount is not covered.

Similarly, EEA-authorised banks with branches in the UK are also not covered by the FSCS and will need to specify these details clearly for its consumers.

Further information on the proposals is available from the FSA website.

Download:

FSA Press Release (14 December 2011)

Jargon Buster

  • EEA

    European Economic Area.
  • 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.