Bank compensation limit to return to £85,000
The maximum compensation payable to account holders and savers if their bank collapses is to return to its previous limit of £85,000.
The Bank of England said the change to the Financial Services Compensation Scheme (FSCS) would happen by 30 January 2017.
The compensation limit was lowered to £75,000 in July 2015, following sterling's rise against the euro.
But since the Brexit vote, sterling has fallen more than 10% against the euro.
The amount of compensation payable is set at €100,000 across the European Union, and under normal circumstances is re-calculated in sterling every five... read more
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