Financial Services Compensation Scheme
The question
To ask the Chancellor of the Exchequer, whether her Department has made an assessment of the merits of increasing the maximum level of deposit protection afforded by the Financial Services Compensation Scheme.
Answered by Emma Reynolds
Eligible deposits held by UK banks, building societies and credit unions that are authorised by the Prudential Regulation Authority (PRA) are protected by the Financial Services Compensation Scheme up to £85,000, with joint accounts protected up to £170,000. This limit is set by the PRA. The PRA is required to independently review the limit every five years, and its next review is due by the end of 2025. Any changes to the limit must be approved by the Treasury and the Government would carefully consider any changes proposed by the PRA.
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