FSCS campaign discusses savings accounts cover
www.moneynews.co.uk > Banking > FSCS campaign discusses savings accounts cover
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Money News |
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FSCS campaign discusses savings accounts cover
Fri 7th Jan 2011
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Consumers are being urged to educate themselves on how the scheme can help them out, based on their personal financial circumstances, by adverts on the TV, in the press and on the internet.
Chief executive at the FSCS Mark Neale said that the idea behind the initiative is giving people peace of mind that their cash is safe and noted that customers need to be aware of changes to regulations which could impact them should their bank fail.
"Protection levels increased from £50,000 to £85,000 and consumers will now be able to get their money within 20 working days in the event of a bank, building society or credit union failure," he pointed out.
Research recently published by the FSCS revealed that more than £7 billion in cash can be found in UK homes. The average person has more than £280 in their house, not including any cash in their wallet, the survey noted.
Click here for more banking news
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