In the News - Saving compensation
MPs propose increase saving compensation to £50,000
Today MP's will announce plans to increase the protection limit for savers by £15,000. The current Financial Services Compensation Scheme, which is applicable for UK banks, guarantees 100% compensation of savers money up to £35,000, however under the proposals this will increase to £50,000. The proposals will also abolish the net basis on which compensation is paid. Net includes any debt owed to the bank so if you owe more than you saved you will receive no compensation. Compensation will be paid gross, which only takes into account savings.
The proposals follow the Northern Rock episode last year.
(Sources: Telegraph.co.uk Times Online Guardian.co.uk)
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01-Jul-2008 10:14:50
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