The ABI says it welcomes today's increase on cover for deposits to 100% of the first £35,000 of each depositer's claim but says this rise has gone far enough.
The FSA announced an increase to the limit of Financial Service Compensation Scheme (FSCS) cover for deposits, up from a maximum of £31,700 (100% of the first £2,000 and 90% of the next £33,000 of depositors' eligible claims). This increase applies from October 1 2007. The regulator also said it was working closely with the Government on further changes to compensation scheme arrangements designed to give consumers confidence their savings and deposits are safe and secure. However, the ABI is concerned about the impact on the industry as a whole if further changes are made on top of to...
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