Prudential Regulation Authority see fit to increase deposit protection limit

riskandcompliance Jan 18th, 2017

Further to our blog on 5th January 2017, and as reported by the Bank of England on 16th January 2017, the PRA has confirmed that the FSCS protection limit will be increased to £85,000.

Currently the FSCS covers up to £75,000 of savings held per financial institution, however, with effect from 30th January 2017 savers will be able to put an extra £10,000 in each financial firm, whilst remaining within the FSCS protection limit.