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EU set to increase savings compensation to £85,000

In a move which will catch the eye of many consumer associations throughout the UK it has been revealed that the European Union, via its Deposit Guarantee Schemes Directive amendment, could increase savings compensation to around £85,000 (€100,000) per bank customer. This is a significant increase from the current £50,000 compensation figure and is one which would allow more UK savers to sleep easy.

This comes hot on the heels of the Financial Services Authority's (FSA) move to separate compensation per customer for building societies which have merged, where customers have an account with each element. In effect this would see up to £100,000 in compensation cover available for those with an account with two building societies now legally one entity. This is an issue which has been ongoing for some time and one which has grown in significance over the last few weeks as the UK building society sector continues to come under pressure.

While there have been many EU directives which have been shot down in flames by UK politicians, this is one of the more consumer friendly actions of late. Whether it will be enough to get the EU in the good books of UK voters in the medium to longer term remains to be seen.

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