Andrew Bailey raises prospect of increased UK bank deposit protection
Andrew Bailey has said the Bank of England is working on reform of Britain’s bank deposit insurance guarantee scheme, raising the prospect of increased protection for customers.
Speaking in response to high-profile bank failures on both sides of the Atlantic, the BoE governor suggested the UK might need to increase its limit for guaranteed deposits above the current £85,000 — which is far lower than the $250,000 level in the US.
The UK’s scheme for smaller banks is run by the Financial Services Compensation Scheme, which protects customers of financial services firms that have failed.
This story originally appeared on: Financial Times - Author:Chris Giles
