The Building Societies' Association (BSA) has called for a debate on whether payments to the Financial Services Compensation Scheme (FSCS) should be risk-related.
Earlier today, the FSA announced it would raise cash deposit protection limits from £35,000 to £50,000, and said it will be consulting on possible changes to the compensation scheme. The BSA says it welcomes the greater level of protection for consumers and the knock-on effects this will have on improving consumer confidence in the financial services. The British Bankers' Association (BBA) has also reacted positively to the move, with both organisations saying well over 90% of their customers will be covered by the new scheme. “It is sensible to have a longer term debate about whether th...
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