""This rise ensures that consumers can feel confident their money is safe, from the very first penny up to £120,000," he said."
""This change will help maintain the public's confidence in the safety of their money," he said. "Depositors will be protected up to £120,000 should their bank, building society or credit union fail.""
"Which? described it as a "sensible decision" that reinforces trust in the financial services sector without restricting economic growth. Rocio Concha, the group's director of policy and advocacy, said the increase was "a timely reminder that strong consumer protections need not hamper those aims.""
The FSCS deposit limit for UK banks and building societies will increase from £85,000 to £120,000 and takes effect in December with customers automatically covered. The Prudential Regulation Authority describes the rise as the largest uplift since 2017, reflecting updated inflation data and industry feedback. The FSCS protects deposits per person, per authorised firm, so multiple accounts under the same banking licence share the £120,000 limit and customers are encouraged to check their licence coverage. The reform aims to strengthen financial stability and public confidence and received support from consumer groups and industry representatives.
Read at Business Matters
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