bank compensation dropping from 1 Jan '16

Archi_Bald

jonesMUFCforever wrote: »

How much have they had to pay out in last 5 years? Yep nil.

"They", being the FSCS, have paid out millions of pounds in the last 5 years. It's a Financial Services Compensation Scheme, not just a bank compensation scheme.

The last big compensation some MSE members received from the FSCS was for the collapse of the Dotcom Credit Union last month.

jonesMUFCforever wrote: »

Another European cockup which we would be better out of.

No cockup but a very welcome protection against untrustworthy financial services outfits.

joe134

jonesMUFCforever wrote: »

It would be cheaper for the banks to keep the guarantee at £85k rather than re print all literature and change all their forms etc.
How much have they had to pay out in last 5 years? Yep nil.

Another European cockup which we would be better out of.

I thought it was a thing that would never happen," banks going bust" , not mine ,until
I was hit with both Icelandic banks.I was very grateful to them then, that's why I try not to exceed the limit, and regardless to all the jest and debacle regarding LBG, I was over the £85k mark, by £17k ,by swicthing my Isas to try and amalgamise them under one roof, as they were all over the place.
As Lloyds were continually in the press about this and that, high fines etc, I decided to get back down to the limit,and BOS was the obvious choice , with all that was going on with the letters etc, and will do again, in Jan, when a 4 year Isa matures again with Hbos. In hindsight, I could/should have held the BOS until Jan, I didn't know of the new changes then.
..With all the multiple banks under 1 licence, I took my eye off the ball.chasing that extra buck, I also did it with Nationwide and their accounts, Derbyshire et.al, easy done.I've nothing but praise for the Fscs.,

jonesMUFCforever

Banks balance sheets have been re capitalised since the crisis of 2007/9.
All UK banks have passed stress tests to prove they could continue to trade if another disaster struck.
I am not being flippant - just think it is a waste of money and resources to change this now.

System

Where are the usual suspects with their

This is yet another attack on the poor/disabled/disadvantaged* by the banks/Tories*



*Delete as appropriate

masonic

!!!!!! wrote: »

Where are the usual suspects with their

This is yet another attack on the poor/disabled/disadvantaged* by the banks/Tories*



*Delete as appropriate

I often worry about the plight of those poor people who have multiples of £75,000 in cash and who will struggle to get below this new compensation limit.

colsten

masonic wrote: »

I often worry about the plight of those poor people who have multiples of £75,000 in cash and who will struggle to get below this new compensation limit.

They keep the excess money in their spare bedrooms.

System

colsten wrote: »

They keep the excess money in their spare bedrooms.

But they don't have spare bedrooms now because of the bedroom 'tax'

masonic

!!!!!! wrote: »

But they don't have spare bedrooms now because of the bedroom 'tax'

Well yes, but the cleverer among them have stuffed some of the rolls of banknotes into some old clothes and are pretending they've taken in a lodger.