FSA: Savers' claims covered up to £50,000

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www.moneynews.co.uk > General finance > FSA: Savers' claims covered up to £50,000

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FSA: Savers' claims covered up to £50,000

The protection for savers will increase to £50,000 from Tuesday onwards, the Financial Services Authority (FSA) has announced.
Customers with joint accounts will be able to claim up to £100,000.
Hector Sants, chief executive officer of the FSA, said there had been a lot of debate about the compensation levels available.
He said the change was "appropriate given the consolidation that has taken place in the banking sector".
The FSA is still to go into further consultation about whether the compensation limit should be even higher and the speed at which it can pay it out.
New legislation is to be introduced soon to improve consumer confidence in the banking sector.
The current limit is £35,000.
According to a Guardian report about the financial watchdog's consultations with the City, it had argued that deposits needed to be properly protected in the current climate of financial instability.
Increasing the protection limit would also offer reassurance to customers, it said.
ADNFCR-323-ID-18810129-ADNFCR

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