FSCS Assures Investor Protection Amid Eurozone Danger
The continuing debate about the future of the Euro may be worrying for UK savers but they can rest assured that they are protected, the Financial Services Compensation Scheme (FSCS) said.
The FSCS protects people who place their money with UK authorised firms. Since 2001, FSCS has paid out more than £26bn and helped more than 4.5m people.
The FSCS protects investments, insurance and savings. This includes the money you have in UK banks, building societies and credit unions. The £85,000 deposit limit per means FSCS safeguards the overwhelming majority of people.
It is a personal allowance so a joint account would have protection up to £170,000 per authorised institution. FSCS aims to pay the majority of savers back within seven days of a firm failing.
European banks operating branches in the UK under European directives are covered by the compensation scheme in that country. The current European limit for banks is €100,000.