FSCS Deposit Protection Limit - Is It Increasing from £85k on Dec 1st ?

Scot_39

Back in Mar iirc the PRA announced a plan to seek permission to increase FSCS limit from £85k to £110k - and some media muddied the water by iirc using a lowerr £100K figure.

Has there been any official treasury or govt statement that this will be going ahead ?

wmb194

Scot_39 said:

Back in Mar iirc the PRA announced a plan to seek permission to increase FSCS limit from £85k to £110k - and some media muddied the water by iirc using a lowerr £100K figure.

Has there been any official treasury or govt statement that this will be going ahead?

No, not yet. I'm sure that if it is it'll be all over the press.

Fatferds12

wmb194 said:

Scot_39 said:

Back in Mar iirc the PRA announced a plan to seek permission to increase FSCS limit from £85k to £110k - and some media muddied the water by iirc using a lowerr £100K figure.

Has there been any official treasury or govt statement that this will be going ahead?

No, not yet. I'm sure that if it is it'll be all over the press.

Just looked it up and there are a few articles about it which say "The plan is subject to a consultation, but if adopted the higher limit would apply from 1 December 2025". 

masonic

The consultation closed at the end of June. The outcome is expected to be published in November.

wmb194

Fatferds12 said:

wmb194 said:

Scot_39 said:

Back in Mar iirc the PRA announced a plan to seek permission to increase FSCS limit from £85k to £110k - and some media muddied the water by iirc using a lowerr £100K figure.

Has there been any official treasury or govt statement that this will be going ahead?

No, not yet. I'm sure that if it is it'll be all over the press.

Just looked it up and there are a few articles about it which say "The plan is subject to a consultation, but if adopted the higher limit would apply from 1 December 2025". 

Right, but there's been no announcement to say that it's happening.

Scot_39

Olenna said:

Scot_39 said:

Back in Mar iirc the PRA announced a plan to seek permission to increase FSCS limit from £85k to £110k - and some media muddied the water by iirc using a lowerr £100K figure.

Has there been any official treasury or govt statement that this will be going ahead ?

Hopefully not as it moves it above the standard EEA depositor limit and increases moral hazard. 

Its inflation indexing and UK and Eurozone dont have the same rate of inflation - now again heading for double 4 vs 2 - or or in recent past.

And by the time you add this  years c4% - should actually be over £115,000 - so £115,000 not  £110,000

Even to Dec 2024 - it's closer to 115 than 110

Scot_39

masonic said:

The consultation closed at the end of June. The outcome is expected to be published in November.

Yes I found a few of the responses - from some banks / financial services suppliers. Thanks for the Nov info