New FSCS deposit protection limit

eskbanker

Fatferds12 said:

This article has just been published so it looks promising https://www.thisismoney.co.uk/money/article-15273353/Boost-savers-Bank-England-raises-deposit-guarantee-limit-110-000.html

That's the article already being discussed on the previous page, in which there is no official confirmation, just "the Mail on Sunday understands...."

jak22

Comparing the Key Product Information wording of Shawbrook fixes, for non-ISA "If the product is withdrawn from sale you will be able to put more money into your account for a further seven working days." but for ISA "If the product is withdrawn, you can continue to put more money into your account until the expiry of the fixed term"

masonic

jak22 said:

Comparing the Key Product Information wording of Shawbrook fixes, for non-ISA "If the product is withdrawn from sale you will be able to put more money into your account for a further seven working days." but for ISA "If the product is withdrawn, you can continue to put more money into your account until the expiry of the fixed term"

It has been discussed previously that there is a conflict between this and clause 2.6 of the overarching T&Cs: "We may stop offering a product or refuse to accept deposits for any product at any time". Those who have contacted Shawbrook have been told there are no plans to stop accepting deposits into cash ISA fixes throughout the term, including high value inward ISA transfers, which surely must be the biggest risk for them.

Aretnap

masonic said:

mta999 said:

The 110k limit seems to.be on from 1 Dec

https://www.thisismoney.co.uk/money/article-15273353/Boost-savers-Bank-England-raises-deposit-guarantee-limit-110-000.html?ico=mol_mobile_money-newtab&molReferrerUrl=https://www.dailymail.co.uk/money/index.html&_gl=1*1wpylyr*_gcl_au*MTUyNTQxMDYzNy4xNzU4MzcxODU3*_ga*MTU4ODk5NzMxMS4xNzU4MzcxODUw*_ga_C9F47K6NW6*czE3NjI2ODU0MzEkbzgwJGcwJHQxNzYyNjg1NDMyJGo1OSRsMCRoMTEyMzI0NDIz

"The Mail on Sunday understands". So still speculation at this point, and not even willing to state there is a credible source.

To be fair, in the hierarchy of coded language that newspapers use to express these things, "The Mail understands..." is a lot more solid than "sources within the treasury suggest..." or "ministers are considering" etc. It's the sort of language that newspapers use when they've been told as fact that something will be happening by a source in a position to know, who (obviously) won't go on the record before an official announcement is made. So something more than mere speculation, while still falling short of confirmation.

I suppose we'll find out for sure soon enough 

masonic

Aretnap said:

masonic said:

mta999 said:

The 110k limit seems to.be on from 1 Dec

https://www.thisismoney.co.uk/money/article-15273353/Boost-savers-Bank-England-raises-deposit-guarantee-limit-110-000.html?ico=mol_mobile_money-newtab&molReferrerUrl=https://www.dailymail.co.uk/money/index.html&_gl=1*1wpylyr*_gcl_au*MTUyNTQxMDYzNy4xNzU4MzcxODU3*_ga*MTU4ODk5NzMxMS4xNzU4MzcxODUw*_ga_C9F47K6NW6*czE3NjI2ODU0MzEkbzgwJGcwJHQxNzYyNjg1NDMyJGo1OSRsMCRoMTEyMzI0NDIz

"The Mail on Sunday understands". So still speculation at this point, and not even willing to state there is a credible source.

To be fair, in the hierarchy of coded language that newspapers use to express these things, "The Mail understands..." is a lot more solid than "sources within the treasury suggest..." or "ministers are considering" etc. It's the sort of language that newspapers use when they've been told as fact that something will be happening by a source in a position to know, who (obviously) won't go on the record before an official announcement is made. So something more than mere speculation, while still falling short of confirmation.

I suppose we'll find out for sure soon enough 

Hmm, I would have taken "sources within the treasury" to be the more solid phrase. ISTM the real subject matter of the article is the cash ISA limit speculation, with the FSCS limit just being used to segue into it.

Aretnap

masonic said:

Aretnap said:

masonic said:

mta999 said:

The 110k limit seems to.be on from 1 Dec

https://www.thisismoney.co.uk/money/article-15273353/Boost-savers-Bank-England-raises-deposit-guarantee-limit-110-000.html?ico=mol_mobile_money-newtab&molReferrerUrl=https://www.dailymail.co.uk/money/index.html&_gl=1*1wpylyr*_gcl_au*MTUyNTQxMDYzNy4xNzU4MzcxODU3*_ga*MTU4ODk5NzMxMS4xNzU4MzcxODUw*_ga_C9F47K6NW6*czE3NjI2ODU0MzEkbzgwJGcwJHQxNzYyNjg1NDMyJGo1OSRsMCRoMTEyMzI0NDIz

"The Mail on Sunday understands". So still speculation at this point, and not even willing to state there is a credible source.

To be fair, in the hierarchy of coded language that newspapers use to express these things, "The Mail understands..." is a lot more solid than "sources within the treasury suggest..." or "ministers are considering" etc. It's the sort of language that newspapers use when they've been told as fact that something will be happening by a source in a position to know, who (obviously) won't go on the record before an official announcement is made. So something more than mere speculation, while still falling short of confirmation.

I suppose we'll find out for sure soon enough 

Hmm, I would have taken "sources within the treasury" to be the more solid phrase.

It depends what follows it to be honest. "According to sources within the treasury, the chancellor will announce tomorrow..." is pretty solid, "sources within the treasury suggest..." is more than likely kite-flying.

But "the Mail understands" is something I'd always take to be towards the top of the hierarchy. It implies a semi-official announcement, one step short of the phenomenon where four newspapers all lead on something that's going to be in the budget, the morning before it happens.

(Oh for the good old days when chancellors had to resign if they mumbled something about the budget's contents within earshot of a journalist ten minutes before they delivered it).

masonic

All eyes on the BoE news feed next week then.

NanookOfTheNorth

Email from Paragon today about "Being Safe Online" also had a section about this.   Presume its actually happening seen as a financial organisation is sending out the email... (even though it mentions "could" and "if")

Changes to your FSCS limit

For the first time since 2017, the FSCS (Financial Services Compensation Scheme) limit is rising — but what could that mean for you? 
 
The Prudential Regulation Authority (PRA) are proposing to raise the FSCS limit, and if they’re successful, it could mean:

- The deposit protection limit could increase from £85,000 to £110,000 per person, per company.  

- The temporary high balance limit, which covers larger deposits linked to major life events, could increase from £1 million to £1.4 million.

- Changes are expected to be effective from 1 December 2025. 

Not only does the proposed increase take inflation into account since the limit was last changed, it could also give you further peace of mind that your money is safe. 

Ch1ll1Phlakes

NanookOfTheNorth said:

Email from Paragon today about "Being Safe Online" also had a section about this.   Presume its actually happening seen as a financial organisation is sending out the email... (even though it mentions "could" and "if")

Changes to your FSCS limit

For the first time since 2017, the FSCS (Financial Services Compensation Scheme) limit is rising — but what could that mean for you? 
 
The Prudential Regulation Authority (PRA) are proposing to raise the FSCS limit, and if they’re successful, it could mean:

- The deposit protection limit could increase from £85,000 to £110,000 per person, per company.  

- The temporary high balance limit, which covers larger deposits linked to major life events, could increase from £1 million to £1.4 million.

- Changes are expected to be effective from 1 December 2025. 

Not only does the proposed increase take inflation into account since the limit was last changed, it could also give you further peace of mind that your money is safe. 

Maybe. But they are also very careful not to say it will happen. Like "what could that mean for you?, "are proposing to raise..", "could increase" x2, "expected to be effective". So they maybe do have an inside track and are preparing for it but also they aren't saying for certain it will happen.

ForumUser7

Got an email from Virgin Money regarding the Nationwide Transfer which also references potential changes to the FSCS limit.