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WARNING! Financial Services Compensation Scheme
ManFromBarming
Posts: 5 Forumite
Martin recently said:money: in various media quotes (Radio 2) in the Nortnern Rock crisis that there is no need to panic, the Financial Services Compensation Scheme (FSCS) will cover all us savers upto £31,700 BUT is Martin aware? that the scheme is reported by Reuters to have only £4.4M in the pot??? thats hardly enough to pay off one early morning queue outside Northern Rock and even the FSCS website makes it very clear " Its still possible to conceive of a default (or combination of defaults) so big as to be beyond the FSCS ability to pay compensation upto our limits" all of a sudden all those people in queues outside of Nortnern Rock, don't look so daft after all and I will be doing my homework on any Bank or Building Society that I am thinking of placing my hard earned cash with and if that means accepting 0.25% less so be it
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