UK Money News
16th May 2008
Savers get more protection
The government is considering introducing new legislation that will increase the guaranteed threshold for savers' deposits to £100,000.
The Banking Bill, which is still being drafted, aims to restore confidence in the sector after the Northern Rock fiasco last September.
That crisis led to the retail deposit limit on which the Financial Services Compensation Scheme (FSCS) offers a 100 per cent guarantee to be increased to £35,000, up significantly from £2,000.
The government also intends to pass the Saving Gateway Bill this winter, which aims to encourage low-income families to take a responsible attitude towards saving by offering them a financial incentive.
A new measure designed to make it easier for the Treasury and the FSA to respond quickly if another bank or building society faces problems with liquidity is also expected to be introduced.
Meanwhile, collapsed financial institutions could distribute money centrally from their records, rather than requiring savers to apply via the FSCS.
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