Steerpike
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Post by Steerpike on Jul 3, 2015 12:55:14 GMT
Interesting, I hadn't seen this signposted, if the EU thinks it is a good idea then clearly it must be, given the outstanding EU financial track record. I know that HL were bleating about the cost of FSCS recently, perhaps this change will result in a matching reduction in the charges to financial institutions.
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Post by ablrateandy on Jul 3, 2015 13:17:42 GMT
I am VERY surprised that this is being implemented! Yes - the exchange rate has moved but someone has lobbed a potential political hand grenade out there.
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Investor
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Post by Investor on Jul 3, 2015 15:14:31 GMT
So does
Bank or building society customers who come into a large sum of money are also given an extra degree of temporary protection.
"Depositors with temporary high balances will be covered up to £1m for six months from the date on which the money is transferred into their account, or the date on which the depositor becomes entitled to the amount, whichever is later," the Bank of England said.
mean that if you have >75k<1m you can simply put this into a single account and keep shifting it to another institution every 5.9 months and it will remain fully protected?
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adrianc
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Post by adrianc on Jul 3, 2015 15:44:17 GMT
if the EU thinks it is a good idea then clearly it must be, given the outstanding EU financial track record. This is nothing to do with the EU, though. The limit throughout the Eurozone remains at €100k. The UK authorities changed the limit here from £50k to the then-rough-equivalent of €100k (£87,500) a few years back, and the UK authorities are now bringing it back in line with the now-rough-equivalent of €100k (£75k). That's all. No more, no less.
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Steerpike
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Post by Steerpike on Jul 3, 2015 15:53:57 GMT
if the EU thinks it is a good idea then clearly it must be, given the outstanding EU financial track record. This is nothing to do with the EU, though. The limit throughout the Eurozone remains at €100k. The UK authorities changed the limit here from £50k to the then-rough-equivalent of €100k (£87,500) a few years back, and the UK authorities are now bringing it back in line with the now-rough-equivalent of €100k (£75k). That's all. No more, no less. Depends on the definition of "nothing to do with the EU", I suppose. News article headline: EU rules mean the guarantee is cut back when the euro falls against the pound - a position Andrew Tyrie MP calls "absurd"
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bigfoot12
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Post by bigfoot12 on Jul 3, 2015 19:45:48 GMT
As these aren't bank accounts, presumably, any FSCS protection (which I don't expect) would be like the cover on investment accounts which cover fraud and miss-selling rather than losses due to 'normal' investment losses.
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