UK Bank Customer Protection Increases to £120,000
– Bank customer protection in the UK will rise from £85,000 to £120,000 in December.
– The increase, confirmed by the Prudential Regulation Authority (PRA), is the largest since 2017.
– The Financial Services Compensation Scheme (FSCS) ensures money safety up to £120,000 per person, per firm.
– Temporary balance protection rises from £1 million to £1.4 million for six months.
– Consumers are encouraged to invest wisely and recognize FSCS-covered institutions.