The Bank of England’s regulatory arm is lifting the amount that savers are guaranteed to get back in case of the failure of a financial institution, going further than plans it had floated earlier this year.
The Prudential Regulation Authority said on Tuesday that Britain’s Financial Services Compensation Scheme will protect up to £120,000 ($158,000) of a depositor’s money from Dec. 1. The current cap is £85,000, which was set in 2017. Officials had proposed increasing it to £110,000 earlier this year.
UK to Raise Cap on Bank Deposit Insurance to £120,000 Next Month
