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Current protection under the Financial Services Compensation Scheme and who it can benefit.
KEY POINTS
- Cash deposits are often seen as a safe haven in uncertain times.
- The Financial Services Compensation Scheme provides protection for depositors.
- Advisers should note that businesses can also benefit from the FSCS protection.
- Do clients have substantial unprotected cash balances?
- Could the yield from cash held by businesses be improved?
One result of the EU referendum is that more people have been transferring their funds into cash. Traditionally this is a safe haven in uncertain times especially with the protection afforded by the Financial Services Compensation Scheme (FSCS). But just what is the current protection and who can benefit?
Changes announced in July 2015
July 2015 saw some big announcements regarding changes to the FSCS – some good some bad.
On the bad...
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