Financial Services Compensation Scheme

Treasury written question – answered on 15th October 2020.

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Photo of Anne Marie Morris Anne Marie Morris Conservative, Newton Abbot

To ask the Chancellor of the Exchequer, if he will raise the FSCS compensation rate of £85,000 at the end of the transition period.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Prudential Regulation Authority (PRA) is responsible for setting the UK’s deposit protection limit. The current limit of £85,000 has been in place since 2017 and protects more than 97% of eligible depositors’ accounts.

There are currently no plans for the coverage level to change. However, from the end of the transition period the PRA will be required to review the limit at least once every five years and may adjust the limit following such a review, subject to HM Treasury approval.

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