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Wednesday, May 07, 2008
morerosado
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Please show your support for this new petition to 10 Downing Street to increase the Financial Services Compensation Scheme limit to at least £100,000.
http://petitions.pm.gov.uk/BankProtection
Please show your support by signing the petition and circulate the URL to your friends and family.
Thank you.
At present only the first £35,000 of depositors money (per institution) is protected in the event of a Bank or a Building Society failure.
This causes worry and uncertainty to savers which can in itself lead to a run on a Bank or Building Society.
By raising the compensation level to at least £100,000 it will increase confidence and stability to our banking system.
This message was last edited by morerosado on 5/7/2008.
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07 May 2008 9:40 AM
Sonia El
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I'm in London / Carvajal, Fuengirola
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Would that I had £35k to worry about!! Seriously though I agree that it is too low amount especially when you consider the profits that most banks are making. OH said at the weekend where would I put my lottery winnings to keep them save - under the bed darling!
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07 May 2008 4:29 PM
morerosado
** EOS Superstar **
I'm in UK / Costa Blanca
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But there are many who do have over £35,000 in banks, Sonia, & over that amount it isn't protected. 
One example is those who have sold their property & gone into rental accomodation whilst looking for another suitable property. Another example is where someone has just received a sizeable lump sum from their works pension scheme but hasn't yet decided exactly where to put it for the best, to provide for life ahead, which is our situation currently. You shouldn't have to create many bank accounts to ensure you only put up to £35,000 in each. It's certainly not the super-rich who have need for this security.
This Friday on ITV1 on the Tonight programme at 8pm (UK time), the topic is "Are your savings safe" so we, for two, will be watching.
Martin Lewis investigates the security of personal savings in today's uncertain economic climate as the credit crunch begins to rattle financial institutions which have hitherto seemed unassailable. He offers advice on how to avoid losing out, while Treasury Secretary Yvette Cooper outlines the Government's plans to protect savers in the event of a bank collapsing.
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