Protecting the nation’s savings is critical and since the crisis, consumers have been able to enjoy saving knowing the Financial Services Compensation Scheme is there for them.
Last year, the deposit protection limit was reduced from £85,000 to £75,000 but the PRA is now consulting on whether the limit should be increased again. At Masthaven we welcome any move that helps drive confidence in savings – critical to us is ensuring confidence and certainty, so savers understand how they are covered.
To that end, we urge the industry and regulator to remain focused on savers’ needs. There is talk of a five month transitional period between the current limit and the new one coming in – for savers a drawn out period like this ultimately could drive confusion and uncertainty and we welcome debate on how it can be shortened.
One things for sure is that this will be seen as a positive development for Masthaven savers, along with the rest of U.K. Depositors who can look forward to an increase in protection to £85,000.