27 May 2009
Some of the compensation limits applied by the Financial
Services Compensation Scheme (FSCS), the UK's statutory fund of
last resort, are due to change from January 2010. The changes are
being made as a result of a recent review by the FSA into FSCS
compensation limits.
Loretta Minghella, the FSCS Chief Executive, said: "The new limits
will be good news for consumers. They will be simpler and easier
for consumers to understand and people will be able to see more
clearly the protection the FSCS affords them. That will be good for
consumer confidence which also benefits the financial services
industry. We look forward to implementing the new limits from next
January."
The full statement made by the FSA can be found here:
FSA - Changes to FSCS
