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MSE News: Chancellor called to prevent 'absurd' savings protection cut

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  • LadyDee
    LadyDee Posts: 4,293 Forumite
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    I'm glad some people think the consultation has produced good news. For those who have scrimped and saved for years to build up what is a relatively small nest egg nowadays it is far from good news.

    Good news would be if our politicians had the cajunes to stand up against the Brussels lot (whose fortunes are probably salted away in offshore accounts) and RAISE the limit. Why the hell should small savers in Sterling be governed by what the euro does?

    Sorry, but some people who have just a smidgeon over the £75,000 are now faced with faffing around in a field that to many is a minefield.
  • dunstonh
    dunstonh Posts: 116,823 Forumite
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    Good news would be if our politicians had the cajunes to stand up against the Brussels lot

    Shame they lack the cajunes to stand up to the media and give explanations as to why these things happen. Tough decisions never seem to get made any more. Its more playing to the media and trying to be friends with everyone.
    Why the hell should small savers in Sterling be governed by what the euro does?
    Asked and answered a number of times already.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
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    spiffy wrote: »
    Thanks for the update on this,but i am still a bit confused about the fact that if a person had £85,000 invested in a fixed term deposit and the max they are allowing to withdraw is £10,000 to bring them to £75,000 then each year the interest accrued would still bring them to be over the £75,000 Fscs Protection or is it that for these people they would close account and start again?
    If you have a full £85K in an account in the first place, you will be in no worse position with £75K in an account. I.e. you have decided not to leave any room for interest in the £85K account, and you won't have any room for interest in the £75K account. You can't blame the reduction of the FSCS limit for a decision that you took before the reduction.
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
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    LadyDee wrote: »
    Good news would be if our politicians had the cajunes to stand up against the Brussels lot (whose fortunes are probably salted away in offshore accounts) and RAISE the limit.

    Could it be that you are one of those people who have completely forgotten how we came to be the beneficiaries of a dramatic increase in the FSCS protection in the first place? If you dig for some facts, you will find that it was entirely due to us being a member of the EU, and for no other reason.
    LadyDee wrote: »
    Sorry, but some people who have just a smidgeon over the £75,000 are now faced with faffing around in a field that to many is a minefield.
    A minefield? That sounds a massive exaggeration. Anyone who can handle 1 account can also handle 2, and probably already does as the best interest rates require spreading the money.
  • jimjames
    jimjames Posts: 17,709 Forumite
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    LadyDee wrote: »
    Good news would be if our politicians had the cajunes to stand up against the Brussels lot (whose fortunes are probably salted away in offshore accounts) and RAISE the limit. Why the hell should small savers in Sterling be governed by what the euro does?
    Completely over the top reply as already outlined.

    Have you considered writing for the Daily Mail? Being aware of facts isn't a requirement for that job either.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • le_loup
    le_loup Posts: 4,047 Forumite
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    We used to have protection for £30K until that dreadful EU made us put it up to 100K Euro.
  • polymaff
    polymaff Posts: 3,908 Forumite
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    Has anyone seen the BoE / PRA explicitly confirming that they intend, or don't intend, to take up the option to maintain £85k compensation for fixed-term deposits entered into before 2 July 2014?
  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
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    Wouldn't the official position be in the link hra posted in post #38?
  • fun4everyone
    fun4everyone Posts: 2,340 Forumite
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    LadyDee wrote: »
    Good news would be if our politicians had the cajunes to stand up against the Brussels lot (whose fortunes are probably salted away in offshore accounts) and RAISE the limit. Why the hell should small savers in Sterling be governed by what the euro does?


    Embarrassing
  • polymaff
    polymaff Posts: 3,908 Forumite
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    Archi_Bald wrote: »
    Wouldn't the official position be in the link hra posted in post #38?

    That depends on how you interpret:

    While the DGSD would allow the grandfathering of fixed-term deposits entered into before 2 July 2014, those deposits entered into after 2 July 2014 would not be permitted to be grandfathered under the DGSD

    Hence my search for an explicit yes or no.

    Anyone?
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