It’s nice to see at least one threshold is rising with inflation!
The Prudential Regulation Authority (PRA) has confirmed that its deposit protection limit for banks will rise from £85,000 to £120,000 from December.
The protection limit is the maximum amount banking customers can receive in compensation were their bank to fail.
It is paid for by the Financial Services Compensation Scheme (FSCS), which is funded via a levy on banks and all FCA-regulated firms.
I hope you found the above interesting. As always, if you have any questions about this piece or any other finance-related matter, please do not hesitate to contact me.
Yours sincerely,
Graham Ponting CFP Chartered MCSI
Managing Partner
