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Tel: 01224 576990 Fax: 01224 210132 Email: admin@grampiancreditunion.co.uk

21 August 2017
Changes to FSCS Deposit Protection Scheme Limits

CHANGES TO FSCS DEPOSIT PROTECTION SCHEME LIMITS

There is an important change on the way to the Financial Services Compensation Scheme (FSCS). This scheme, provided by the UK Government, gives cover to customers if anything happens to their bank, building society or credit union.

From 30 January, 2017, the maximum deposit protection limit is changing, from £75,000 to £85,000 for each individual account. This change applies to all banks, building societies and credit unions in the UK. Grampian Credit Union is among the financial institutions affected by the change.

Why is the limit changing?

The current FSCS deposit protection limit of £75,000 was set in January 2016, itís up £10,000 after an increase by the regulator earlier this month. And the limit for joint accounts moves to £170,000.

Do the changes affect me?

The changes will have no impact on the vast majority of customers, and more than 98% of retail depositors will continue to be fully protected by the FSCSís new deposit protection limit.

The £85,000 maximum will apply to each account held by a depositor.

Where can I get more information?

Your credit union will continue to update members on the changes which may affect them.

However, more information about the FSCS, and the changes to the protection limits, can be found HERE


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Grampian Credit Union Tel: 01224 576990 Fax: 01224 210132 Email: admin@grampiancreditunion.co.uk Web: http://www.grampiancreditunion.co.uk
Authorised by the Prudential Regulation Authority & regulated by the Financial Conduct Authority & the Prudential Regulation Authority. Firm Reference no. 213701