FSCS raise limit to £50k

ad44downey

The precedent was set with Northern Rock. And reinforced with Bradford and Bingley. The government offers a £100%, no upper limit savings guarantee.

So forget all this £35K, £50K guff. Sit back and relax and get on with your life. Stop worrying! You're like a crowd of old women

dunstonh

Now if I were the board of, let's say, a small well-run Building Society, I would be questioning why I had to potentially contribute to a 100% bailout of a badly run bank, when all I ever signed up to was a scheme that offered a £35K guarantee. I wonder if there is the potential for a legal challenge?

Not just other building societies but every other financial services firms as its expected that the liability will be such that it exceeds the limit where only deposit takers are liable. That will be every other FSA authorised firm.

Lynt_3

ad44downey wrote: »

The precedent was set with Northern Rock. And reinforced with Bradford and Bingley. The government offers a £100%, no upper limit savings guarantee.

So forget all this £35K, £50K guff. Sit back and relax and get on with your life. Stop worrying! You're like a crowd of old women

And what's wrong with "old women"?? :mad:

McSaver

It just means I can stick a few more bob in Icesave but I honestly think it will make not much difference at all.

Fella

ad44downey wrote: »

The precedent was set with Northern Rock. And reinforced with Bradford and Bingley. The government offers a £100%, no upper limit savings guarantee.

So forget all this £35K, £50K guff. Sit back and relax and get on with your life. Stop worrying! You're like a crowd of old women

As I've pointed out before, this is crap. If it were true then Brown would be on TV right now boasting about how "he'd" made everyone's savings safe. The fact that he point blank refuses to do so is all the proof you need.

If you disagree then give a rational explanation for why Brown isn't doing that?

You cannot, because none exists.

Fella

dunstonh wrote: »

Not just other building societies but every other financial services firms as its expected that the liability will be such that it exceeds the limit where only deposit takers are liable. That will be every other FSA authorised firm.

Indeed. Be interesting to see if anyone does challenge it once they've had time for it to sink in.

vivatifosi

Fella wrote: »

Now if I were the board of, let's say, a small well-run Building Society, I would be questioning why I had to potentially contribute to a 100% bailout of a badly run bank, when all I ever signed up to was a scheme that offered a £35K guarantee. I wonder if there is the potential for a legal challenge?

Couldn't agree more Fella. On a lighter note maybe the legal challenge idea could be stretched to members of the public too. I saw Ed Byrne on the "Wright Stuff" earlier this week and he joked that maybe we could all, as members of the public bailing out the banks, write to them and remind them that they have gone over their overdraft limit and as a result we're charging them £25 for a letter...

megw3

How about a Windfall Tax (retrospective) on all banking directors who have awarded themselves millions of pounds in bonuses over the last 5 years and who have, in fact, been responsible for the current dilemma we are all in.

Having subscribed to this thread, as a newbie, can someone please tell me how to find the thread I subscribed to yesterday on Care Homes, and indeed I might have even started a new thread on the subject, but I don't know how to find it. Hope someone can help.

Margaret

Baldur

megw3 wrote: »

Having subscribed to this thread, as a newbie, can someone please tell me how to find the thread I subscribed to yesterday on Care Homes, and indeed I might have even started a new thread on the subject, but I don't know how to find it. Hope someone can help.

Click on your username (coloured blue) at the top left of your above post - this will bring up a pop-up menu, the third item down will be "Find More Posts by megw3", click that and you will be taken to a page/several pages showing your posts and the threads in which you have posted.

Stavros_3

ad44downey wrote: »

The precedent was set with Northern Rock. And reinforced with Bradford and Bingley. The government offers a £100%, no upper limit savings guarantee.

So forget all this £35K, £50K guff. Sit back and relax and get on with your life. Stop worrying! You're like a crowd of old women

What was that phrase often used by L/Cpl Jones LOL
http://www.theage.com.au/ffximage/2007/04/20/home_fires_still_burn_wideweb__430x293,0.jpg