A proposal to raise the compensation cap for depositors in bust UK banks and building societies from the current £50,000 to £500,000 in special circumstances was tabled today.
The Financial Services Authority (FSA), the City watchdog, said the higher limit should apply to protect people with temporily high balances after, say, selling a home or receiving an inheritance.
Pension lump sums, divorce settlements and redundancy payments should also come under the new protection, it said, and should apply to balances for up to six months.
See full Article.
Posts
