FSCS new protection limit 85k

[tar]

http://www.fscs.org.uk/news/2010/december/new-deposit-guarantee-limit-to-3y3itxmm/index.html

 

[montmorencyt2w]

http://www.fscs.org.uk/news/2010/december/new-deposit-guarantee-limit-to-3y3itxmm/index.html

This is the Sterling equivalent of the €100,000 deposit compensation limit which comes into force in all European Economic Area (EEA) member states at the end of the year.

Further changes coming into effect on 31 December 2010 are:

* Fast payout rules, with a target of a seven day payout for the majority of claimants and the remainder within the required 20 days.
* Gross payout, which protects customers by ring fencing their deposits if they have savings and loans with the same firm. Currently, any outstanding loan or debt would be deducted from any compensation.
* This new pan European requirement replaces the existing UK arrangement which has been in place since 2009, and which allowed for separate compensation cover for customers with deposits in two merging building societies.

I wonder if the tabloids (and those who parrot them) will be shouting about the Eurpean aspect when they realise that it is those hated "Europeans" who are responsible for increasing the protection offered to their reader's accounts?

 

[nodga2000]

This says "per authorised firm" so does that mean £85k across all brands of a particular company? I thought they improved the cover so that if you had £85k with Natwest and £85 with RBS, you'd be covered - similar if applied to SB white labels.

http://www.fscs.org.uk/news/2010/december/new-deposit-guarantee-limit-to-3y3itxmm/index.html