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FSCP recommends unlimited savings compensation

Unlimited compensation should be offered by the government to savers whose bank collapses, it has been suggested.The Financial Services Compensation Panel (FSCP) made its recommendations yesterday, as bank stocks suffered severe declines on the global markets.Two US financial firms, Lehman Brothers and Merrill Lynch, have ceased trading after being hit hard by the credit crunch.These events might lead to savers withdrawing their money from their banks, particularly as just £35,000 per account is guaranteed against collapse.David Lipsey, chairman of the FSCP, commented: "The purpose of any banking compensation scheme is to give consumers confidence that money they entrust to a bank, is safe in the event of the bank failing. "For a compensation scheme to give that confidence, it must be clear to consumers so they understand how, when and to what extent their savings will be protected."

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