The Investment Management Association (IMA) has called for depositor protection limits to be raised from £35,000 to £50,000 to help restore confidence in the banking system.
The IMA says bank depositors need a credible and well-communicated compensation regime and believes £50,000 of consumer protection is needed to build confidence in the system. Guy Sears, director of wholesale at the IMA, says: “We have heard much about the problems the current crisis is causing the banks but we would like to hear equally vocal support for an enlarged, and easy to understand, compensation scheme for their depositors. “As it is, the UK’s asset managers appear to be a lone voice calling for depositors’ interests to be put first.” Responding to the joint consultation paper ...
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