Anyone any info on the implementation date of the uk savers protection scheme?

Question

following the northern rock debacle, a savers protection scheme (up to £50,000) was mooted by politicos, but seems to have rather predictably been shifted to the sidings.

an implimentation date of "autumn" was mentioned, but i cant find further details.

thanks in advance...........

Answer 1

The compensation limit was increased to £35,000 in October 2007 following the run on Northern Rock.

On 1 July 2008 the Treasury, Bank of England and Financial Services Authority (FSA) jointly published a consultation document called "Financial stability and depositor protection: further consultation". Amongst other proposals, the document says that the FSA intends to consult in autumn 2008 on changes to the compensation limits and is expected to propose an increase to £50,000.

So, at the moment, they are consulting about an intention to consult!