The Building Societies Association comments on the Prudential Regulation Authority (PRA)’s proposal to raise the deposit protection limit of the Financial Services Compensation Scheme (FSCS) from £85,000 to £110,000.

Robin Fieth, Chief Executive of the Building Societies Association said:

"We welcome the consultation on increasing the FSCS limit and the commitment to review it every five years going forward, points which the BSA has supported for a number of years. Deposit protection is a crucial underpin for saver confidence, so it is important that it at least keeps pace with inflation."

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