FSCS deposit protection limit to rise to £120,000

The deposit protection limit was last updated in 2017 and currently stands at £85,000. From December, if a UK-authorised bank, building society or credit union goes out of business, FSCS will compensate eligible customers up to the new limit of £120,000, per person, per authorised firm. This change in the FSCS' deposit protection limit was announced by the Prudential Regulation Authority (PRA) today (18 November). The PRA's announcement follows its consultation on depositor protection earlier this year, with industry feedback shaping the final measures, including the updated deposi...