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Foreign banks to display compensation limits to depositors

Posted in 'Banking' by Barry Stamp

21 December 2011

UK branches of foreign banks that do not offer consumers the protection of the Financial Services Compensation Scheme (FSCS) will have to display prominent notices detailing any alternative protection that is available, and any limits that apply, if proposals published last week by the Financial Services Authority (FSA) are brought into practice.

At the same time, all UK banks will be asked to display a notice which says, "Your deposits are protected up to £85,000 by the Financial Services Compensation Scheme, the UK deposit protection scheme. Any deposits you hold above this amount are not covered."

These proposals are being introduced to increase consumer awareness of the risks involved in placing large sums with banks. Hector Santos, CEO of the FSA, said “Recent research conducted by the FSCS to measure consumer awareness of the scheme, found customer knowledge continues to be extremely poor, and has in fact dipped since the crisis.”