Chris Giles Author Rss https://faqinsurances.com/author/chris-giles/ Chris Giles Author Rss - Faqs of Insurances Wed, 12 Apr 2023 13:53:58 +0000 en-US hourly 1 https://faqinsurances.com https://faqinsurances.com/public/skin/logo.png Chris Giles Author Rss https://faqinsurances.com/author/chris-giles/ 144 144 <![CDATA[Bank of England governor suggests British guarantee scheme does not function as intended, particularly for smaller lenders ]]> https://faqinsurances.com/2023/04/12/bank-of-england-governor-suggests-british-guarantee-scheme-does-not-function-as-intended-particularly-for-smaller-lenders/ Wed, 12 Apr 2023 13:53:58 +0000 https://faqinsurances.com/2023/04/12/bank-of-england-governor-suggests-british-guarantee-scheme-does-not-function-as-intended-particularly-for-smaller-lenders/ 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.

People walk across a bridge in the City of London

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

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