Darling to raise FSCS limit - papers 1 July

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The protection limit for savers is set to be raised to £50,000 under proposals due to be announced by the Government today, The Telegraph reports.

As it stands savers are now entitled to compensation of 100% of their money up to a maximum of £35,000 in the event of a bank collapsing. But MPs are understood to want to raise this to £50,000 for the Financial Services Compensation Scheme, which provides the ultimate safety net for Britain's savers and investors. In addition, other changes have been mooted for the FSCS. One involves a change in the basis for compensation. At present, it is paid on a net basis. CLIVE COWDERY HAS drawn up a hit list ranging from building societies to mortgage specialists that he plans to target, having...

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