Prudential Regulation Authority see fit to increase deposit protection limit

Further to our blog on 5^th January 2017, and as reported by the Bank of England on 16^th January 2017, the PRA has confirmed that the FSCS protection limit will be increased to £85,000.

Currently the FSCS covers up to £75,000 of savings held per financial institution, however, with effect from 30^th January 2017 savers will be able to put an extra £10,000 in each financial firm, whilst remaining within the FSCS protection limit.