BOE will lower protection for bank account holders at the end of the year
The Financial Services Compensation Scheme is in place to protect bank account holders and other investment accounts
It is used to compensate firms going bust and is most notably being used in the case of Alpari customers who had positive balances that weren't fully covered by the segregated funds at the failed broker
They've pulled the excuse that it gets reviewed every 5 years but they are using the move in the pound vs the euro to make an adjustment. The EU rules allow for €100k in protection. 5 years ago EURGBP was trading around 0.85 which is how they got £85k. Against today's rate that's £71k, so they must be averaging ;-)
