The Financial Services Compensation Scheme (FSCS) has recently published a news article regarding the new deposit limit coming into effect from 1 January 2016. The current FSCS limit is £85,000, this will end on 31 December 2015 and be replaced with a lower limit of £75,000. This seeks to reflect the changes brought about by the European Union Deposit Guarantee Schemes Directive – the limit is the UK equivalent of €100,000.

The FSCS has suggested that anyone who has more than £75,000 in their account may wish to consider moving the excess amount to an account with another authorised firm.