Baker & Co Financial Solutions Ltd

FSCS Deposit Limits increase to £85 000 from 30 January 2017

February 14th, 2017 by Baker and Co

Deposit Limits

Deposits made by private individuals and small businesses to any authorised firms are protected by the FSCS. These can be referred to as “retail deposits”. Slightly different limits and rules apply if you have a claim against a deposit firm that was declared in default before the FSCS became operational (1 December 2001).

From 30 January 2017, the deposit compensation limit is £85,000.

Depositors may still receive a share of their savings above this limit following any distribution of assets as part of the insolvency process for a failed bank. This would be a matter for the insolvency practitioner to determine and any recovery would, by necessity, vary according to the circumstances of the specific failure. The FSCS will make the majority of compensation payments in sterling.

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