Savers are demanding an increase in the level of compensation paid in the event of a bank going bust, research suggests.
The study by financial comparison firm MoneyExpert.com found six in ten adults want stronger financial guarantees in the wake of the Northern Rock collapse. In addition, almost 50% said they do not trust the Government, FSA, or the Bank of England to protect their savings in the event of a similar crisis, despite the authorities intervening to protect Northern Rock savers last week. Currently the Financial Services Compensation Scheme (FSCS) guarantees the first £31,700 of savers’ deposits. Sean Gardner, chief executive of MoneyExpert.com, says: “We are always told that savings accoun...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
