The Chancellor of the Exchequer has announced proposals for strengthening the current framework for financial stability and protecting depositors. These proposals are designed to:
strengthen the stability of the financial system, both in the UK and globally;
reduce the likelihood of banks facing difficulties;
reduce the impact if, nevertheless, a bank gets into difficulties;
provide effective compensation arrangements in which consumers have confidence; and
strengthen the Bank of England, and ensure effective coordinated actions by authorities, both in the UK and internationally.
What does this mean for consumers?
At this stage these are proposals and the Treasury is consulting on them widely, including with key consumer groups, to make sure they are workable. This consultation will go on until 23 April.
In the meantime, all existing measures to safeguard depositors' money remain in place.
The Chancellor of the Exchequer has announced proposals for strengthening the current framework for financial stability and protecting depositors. These proposals are designed to:
What does this mean for consumers?
At this stage these are proposals and the Treasury is consulting on them widely, including with key consumer groups, to make sure they are workable. This consultation will go on until 23 April.
In the meantime, all existing measures to safeguard depositors' money remain in place.
Quelle/ Source: FSA