FSCS Increase to £100k

daisy164

Hi

I keep hearing rumours that the FSCS may increase the limit of guaranteed savings to £100k shortly and that there are proposals for all savings to be protected by 2011.

I am struggling to find anything to back this up. Can anybody shed any light?

I have £162,000 worth of funds. (Not my money, a small business I work for!)

Any advice would be greatly appreciated

Thanks

treecity

I hope the rumours turn out to be true!

Where have you heard these rumours?

Lokolo

If they did it won't come through for months and months (maybe years) so everything really is just blind rumour at the moment.

daisy164

The Bank of Scotland told me.

cos69

The EU has proposals to increase compensation to €100,000 for savers via an amendment to the Deposit Guarantee Schemes Directive. Several countries have already adopted this limit but it needs to be ratified for it to become an obligation on all members.

For the UK, that's probably about £85,000

Paul_Herring

I have £162,000 worth of funds. (Not my money, a small business I work for!)

The current protection is for private savers, not businesses (look at the farce with IceSave et. al. and all the councils that had savings with them.)

agsnu

Paul_Herring wrote: »

The current protection is for private savers, not businesses (look at the farce with IceSave et. al. and all the councils that had savings with them.)

Small businesses have similar protections to private savers. Councils had millions on deposit, which is a different ball game. See item 14 on this page.

Primrose

It would be nice if it were true but even if the rumour turns out to be true, I suspect that with the state of this country's finances, the UK would be the last to ratify any agreement and adeopt it. For older people especially who have higher levels of savings, it would save them a lot of hassle having to research different institutuions which didn't come under the same umbrella and for people who have temporary large savings due to the sale of a property or business, for example, a higher rate would be very welcome. But I somehow just do see it happening at the moment.