PRA proposes restoring £85,000 FSCS deposit protection

The regulator changed the protection limit from £85,000 to £75,000 last July as part of a regular review. Following the Brexit vote in June, however, the value of the pound plunged against the euro. Therefore restoring the limit of deposit protection was intended to provide a "measure of memorability and consistency", the PRA said. The FSCS protects consumer savings and investments in the event of a firm's failure. According to EU regulations, non-euro member states of the European Union are required to adjust their deposit protection limits every five years to the equivalent of €1...