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Bank account compensation to be cut to £75,000...

Posted Friday, 03 July 2015, 3.54pm

It has been announced today that, as of 1st January 2016, millions of bank customers will get £10,000 less compensation if their bank were to go bust. 

Currently, under the Financial Services Compensation Scheme (FSCS), consumers can receive up to £85,000 compensation. As of the next year, this amount will be reduced to £75,000, as a result of the strength of the pound.

Listen to FMB Director, Ruth Power, talking about this more in today's FMB podcast.

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