Katherine West Posted June 7, 2022 Share Posted June 7, 2022 Mr Speaker Following consultation with the FSCS and the Bank of England, I am confirming today the following changes to the Financial Services Compensation Scheme. Currently, 100% of the first £2,000 of deposits and 90% of the next £33,000 are covered by the scheme. As part of our review of the Northern Rock experience, mindful of ongoing challenges in financial markets, and bearing international moves in mind, I am announcing today that the FSCS will guarantee 100% of deposits up to £100,000. This will cover more than 98% of savers completely. This increase in cover will apply for two years, and its permanent level will be considered by a broader review of the banking system. Mr Speaker, our swift actions on Northern Rock and on the broader financial sector have prevented a major financial collapse in this country, and I have every confidence that this measure will prove precautionary. However, I hope the House can agree that providing this guarantee to savers is fair and proportionate. Katherine West Conservative MP for Watford (2007 - ) Link to comment Share on other sites More sharing options...
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