Menu
03/10/2008
Compensation Scheme To Cover Claims Up To £50k
The Financial Services Authority (FSA) has today announced it would be increasing the compensation limit for bank deposits to a total of £50,000 for each customer's claim.
The limit, which has been increased from £35,000, is due to take affect from Tuesday 7 October.
Customers with joint accounts will be eligible to claim up to £100,000.
"This change ties in with the introduction of the Government's Banking Bill in Parliament which is due next week, and is also appropriate given the consolidation that has taken place in the banking sector," Hector Sants, FSA's Chief Executive Officer, said.
Payments will be made through the Financial Services Compensation Scheme. The Authority said it would also look into reforms that would allow compensation to be paid more promptly, as well as the rules surrounding whether deposits are covered on a legal entity, a 'brand' or an 'account' basis.
The FSA is also set to consult on whether the limit should be raised even higher.
The move comes just after the Irish Government guaranteed all deposits at six major banks and building societies for two years, earlier this week.
See: Gov's €400 bn Plan To Be Written Into Law
(JM)
The limit, which has been increased from £35,000, is due to take affect from Tuesday 7 October.
Customers with joint accounts will be eligible to claim up to £100,000.
"This change ties in with the introduction of the Government's Banking Bill in Parliament which is due next week, and is also appropriate given the consolidation that has taken place in the banking sector," Hector Sants, FSA's Chief Executive Officer, said.
Payments will be made through the Financial Services Compensation Scheme. The Authority said it would also look into reforms that would allow compensation to be paid more promptly, as well as the rules surrounding whether deposits are covered on a legal entity, a 'brand' or an 'account' basis.
The FSA is also set to consult on whether the limit should be raised even higher.
The move comes just after the Irish Government guaranteed all deposits at six major banks and building societies for two years, earlier this week.
See: Gov's €400 bn Plan To Be Written Into Law
(JM)
Related UK National News Stories
Click here for the latest headlines.
10 June 2015
Convicted Fraudster Ordered To Pay Compensation
A man serving an eight year jail term for fraud has been ordered to pay compensation to his victims or face an additional three years in jail. Frank Onyeachonem, 39, was found guilty in June last year of defrauding elderly and vulnerable people of large sums of money.
Convicted Fraudster Ordered To Pay Compensation
A man serving an eight year jail term for fraud has been ordered to pay compensation to his victims or face an additional three years in jail. Frank Onyeachonem, 39, was found guilty in June last year of defrauding elderly and vulnerable people of large sums of money.
05 May 2011
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The previous change in Bank Rate was a reduction of 0.5 percentage points to 0.
03 August 2010
Northern Rock Steadfast In Recovery
The boss of a once beleaguered UK bank is "encouraged" by news that nationalised Northern Rock's - a so-called 'bad bank' - has returned to profit following heavy losses last year in the wake of a bail-out by the taxpayer in 2008. Chief Executive Gary Hoffman said the Northern Rock 'AM' results were 'encouraging'.
Northern Rock Steadfast In Recovery
The boss of a once beleaguered UK bank is "encouraged" by news that nationalised Northern Rock's - a so-called 'bad bank' - has returned to profit following heavy losses last year in the wake of a bail-out by the taxpayer in 2008. Chief Executive Gary Hoffman said the Northern Rock 'AM' results were 'encouraging'.
07 November 2013
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England's Monetary Policy Committee has voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375bn.
Bank Of England Maintains Bank Rate At 0.5%
The Bank of England's Monetary Policy Committee has voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375bn.
27 March 2015
Justice Secretary Introduces New Criminal Court Charge
Justice Secretary Chris Grayling has announced new rules that will see convicted criminals in England and Wales pay up to £1,200 towards court costs. The new Criminal Courts Charge will be introduced on 13 April, will begin at £150 and will not be means-tested. Mr Grayling said the new cost will ensure "criminals pay their way".
Justice Secretary Introduces New Criminal Court Charge
Justice Secretary Chris Grayling has announced new rules that will see convicted criminals in England and Wales pay up to £1,200 towards court costs. The new Criminal Courts Charge will be introduced on 13 April, will begin at £150 and will not be means-tested. Mr Grayling said the new cost will ensure "criminals pay their way".
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
