FSA confirms £85k deposit compensation limit

Coming into force from 31 December, the new deposit limit is the sterling equivalent of the €100,000 limit, effective for all EEA member states at the end of the year. "Today's announcement completes a radical overhaul of depositor compensation," says FSA director of conduct policy Sheila Nicoll. "In future, all the still-separate national compensation schemes across the entire European Economic Area will offer cover at €100,000 or the local currency equivalent - a limit which will protect the vast majority of depositors." Further changes coming into effect on 31 December include f...