Bank Cash Deposits Guarantee Raised to GBP50 000
Published / Last Updated on 02/10/2008
Bank Cash Deposits Guarantee Raised to £50,000
The finance industry regulator, the Financial Services Authority has today announced that with effect from next Tuesday, the minimum level of money on deposit with a bank that is guaranteed and protected will be raised to £50,000.
Our concern is how this will be paid for. The levy into the Financial Services Compensation Fund is paid by levy on financial companies such as banks, insurance companies, investment companies and financial advisers and not the Government.
To us, and bearing in mind we pay a yearly FSCS levy so we have a right to complain, this appears to be well run companies that will survive this financial crisis being penalised and bailing out those that have profited hugely and now ‘pass the liability buck’ when it all goes wrong.
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