Banks made to boost FSCS awareness

16th December 2011

Plans to force banks and building societies to display information about the ability of their savers to receive compensation have been welcomed by the Financial Services Compensation Scheme (FSCS).

The organisation has given its backing to proposals unveiled by the Financial Services Authority (FSA), which would require firms to clearly display information about the support the FSCS can offer.

Compensation has been paid out to more than 4.5 million people by the FSCS because their lenders have hit problems.

A sum of more than £25 billion has been paid out to these people in the last decade.

People's confidence in their finances will improve if they become more aware of the FSCS, according to Mark Neale, the scheme's chief executive.

He said_ "In these tough times, all of us want to know our money is safe. We welcome these FSA proposals which will make a real difference to consumers."

Copyright Press Association 2011

Category: Banking and Financial Services