Upcoming changes to the Financial Services Compensation Scheme (FSCS)

0 Replies

The protection limit for money held in banks, building societies and/or credit unions is reducing from £85,000 to £75,000. These changes will take effect on 1 January 2016, so there’s no need for any immediate change. Within this transitional period, if you feel these changes may affect you please do not hesitate to contact us to discuss further.

The need for reduction?

The Deposit Guarantee Schemes Directive is reviewed every five years and is set on the sterling equivalent of EUR 100,000 at the time of review.

Due to the exchange rates that prevailed on the 3rd July, the Prudential Regulation Authority (PRA) were prompted by the Directive to review and reduce the existing coverage level.

What is the FSCS?

The Financial Services Compensation scheme (FSCS) covers deposits, insurance policies, investments, home finance mediation and insurance mediation.  There are limits on the protection available.  For more information visit www.fscs.org.uk/.

Fidelity Funds NetworkNew Website – is now here!

Share Your Thoughts

Your email address will not be published. Required fields are marked *