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Industry: Email Alert RSS FeedNews: Spotlight on Pensions Reform - How safe is your money in the bank?
Pensions Management, November, 2007
The Northern Rock fiasco has highlighted the fact that the security of investments depends a great deal on where they are held.
Other than any government intervention, protection for investors is provided under The Financial Services Compensation Scheme (FSCS), created under the Financial Services and Markets Act 2000. While the FSCS has the power to compensate consumers in the event of the failure of any authorised firm, the level of protection varies.
Until Northern Rock was bailed out, those with the least protection were those with deposits with a bank or building society. The maximum level of compensation under the FSCS for these investors was GBP31,700 (100% of the first GBP2,000 and 90% of the next GBP33,000). From October 1, 2007, the...
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