‘Keep Calm, Your Cash is Safe’: UK Banks Ordered To Display Details of Savings Protection To Head Off Bank Runs!
- ‘Keep calm, your cash is safe’: Banks ordered to display details of savings protection to head off bank runs!
By Lee Boyce,
Banks will be required to display notices in branch and on websites that tell customers how much of their savings are protected if the bank goes bust, the Financial Services Authority (FSA) said today.
The plans – outlined in December – will also apply to building societies and credit unions. They will see stickers and posters displayed prominently in branches to draw attention to savings protection limits.
UK savers’ deposits are protected up to £85,000 under the savings safety net – the Financial Services Compensation Scheme (FSCS). Foreign banks with branches in the UK which are not covered by the scheme will need to make this clear while stating which national scheme is providing protection.
The FSCS, which protects consumers when financial institutions go bust, said the plans are a ‘step in the right direction,’ but is urging firms to go beyond the FSA’s minimum requirements.
Mark Neale, chief executive of FSCS, said: ‘The banking crisis shows how important it is for consumers to have clear information about FSCS protection. ‘We never again want to witness the run on a bank because people do not know their money is protected. Since then, the industry has improved the quality of information it gives to consumers about FSCS.
‘However, it needs to do much more to provide clear, accurate information about the protection we provide. This is essential to building consumer confidence, and is not limited to deposits. It is something that is normal in other parts of the world.’
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