The deposit protection limit for savers if their bank or building society fails could be raised to £110,000.
The Prudential Regulation Authority (PRA), which supervises financial institutions, has proposed increasing the limit of the Financial Services Compensation Scheme (FSCS) from £85,000.
If firms go bust and cannot pay claims, the scheme can step in to fund compensation. If taken forward, the limit would apply to firms that fail from December 1.
Protection: The Prudential Regulation Authority, has proposed increasing the limit of the Financial Services Compensation Scheme from £85,000
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
Saxo
Saxo
Get £200 back in trading fees
Trading 212
Trading 212
Free dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
