'Bonkers' and 'absurd': Reaction to FSCS deposit protection move

Carmen Reichman
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Experts have expressed their disbelief after it was announced the Financial Services Compensation Scheme's (FSCS) limit for deposit protection would be reduced to £75,000.

The move has been described as "bonkers" and a "massive blow to savers". Hargreaves Lansdown chartered financial planner Danny Cox and Savings Champion director Anna Bowes said the reduction from £85,000 from January will undermine the safety of people's savings and pose an "administrative headache" for those who want to remain fully protected. The FSCS will reduce the amount it guarantees for bank deposits from the current level to £75,000 from next January. This is in line with a European Union directive which harmonises limits across Europe at €100,000 or equivalent, and has bee...

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