Financial Services Compensation Scheme
 

You know that first £85k you'd get back if your bank went bust?

In the Eurozone it's 100,000 Euros.

A EU directive has ordered that non-Euro countries must change the level of compensation in relation their country's exchange rate to the Euro back in July.

So from 1st January 2016, the 85k is being reduced to 75k in the UK.

Re: Financial Services Compensation Scheme
 

The new amount to be covered was announced in July. Here's a link which covers a few questions/answers that some members might find of interest.

http://www.fscs.org.uk/what-we-cover...limit-changes/

Re: Financial Services Compensation Scheme
 

This isn't anything new. The compensation level remains at €100,000 but every so often they review the exchange rates and update it hence the drop to £75,000. Technically it could be lower as the exchange rate would have been £71,000 to £72,000 but governments can offer more if they want too and so ours rounded that up to £75,000.