FSA announces £50k deposit guarantee

The previous limit was £35,000 but the Prime Minister had previously suggested raising it due to the lack of confidence in banks. The FSA also confirmed the Government will announce further legislation in the near future to enhance consumer confidence. Speaking today, Hector Sants, chief executive of the FSA, says: “In the interests of providing clarity over the minimum level for the long term we have now decided to implement the move to a £50,000 limit from Tuesday. “This change ties in with the introduction of the Government’s Banking Bill in Parliament which is due next week, and is a...