LONDON (Reuters) -The Bank of England has proposed raising the protection limit for savers in case a bank fails to 110,000 pounds ($142,300), it said on Monday. The deposit protection limit is the maximum amount of money that is typically protected for savers should their bank fail and under the Financial Services Compensation Scheme (FSCS) has been capped at 85,000 pounds since 2017. The BoE began examining an overhaul of the guarantee scheme in 2023, after the rapid collapse of the UK arm of Silicon Valley Bank raised questions about how to ensure faster access to cash when a lender collapses and about whether deposit protection was sufficient.
LONDON (Reuters) -The Bank of England has proposed raising the protection limit for savers in case a bank fails to 110,000 pounds ($142,300), it said on Monday. The deposit protection limit is the maximum amount of money that is typically protected for savers should their bank fail and under the Financial Services Compensation Scheme (FSCS) has been capped at 85,000 pounds since 2017. The BoE began examining an overhaul of the guarantee scheme in 2023, after the rapid collapse of the UK arm of Silicon Valley Bank raised questions about how to ensure faster access to cash when a lender collapses and about whether deposit protection was sufficient. Read More
