by Insignis in Newsletter Archive
So, what is the FSCS scheme and why was it put in place?Deposit guarantee schemes exist to protect depositors against authorised firms that are unable to pay or become insolvent. The European Commission requires all countries to provide a last resort protection to consumers in the event of a bank failure. Rules exist in the form of an EU directive for offering a limited level of protection, faster pay-out and improved internal financing of the schemes by each bank. This provides protection on both an individual front and a wider economic level.
Do you have more questions about the FSCS deposit guarantee and how it affects savers?Insignis Cash Solutions specialises in active management of client deposits including helping clients gain incremental FSCS protection by opening multiple accounts across various financial institutions with a simple one-signature solution.
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