Protection to increase for savers in January 2011

The protection limit for those who are lucky enough to have savings is to increase from £50,000 to the equivalent of €100,000 in January 2011.

Table of contents

Protection to increase for savers in January 2011

Protection to increase for savers

The protection limit for those who are lucky enough to have savings is to increase from £50,000 to the equivalent of €100,000 in January 2011.Under the Financial Services Compensation Scheme (FSCS) people in the UK are currently entitled to £50,000 worth of protection per UK regulated institution. This means that if your bank goes bust, up to £50,000 of your money is safe - £100,000 in the case of joint accounts.However, following European legislation, the FSCS has said that this limit will increase to the sterling equivalent of €100,000 on 1 January 2011.The exact limit is not yet known but the FSCS has confirmed that once the Financial Services Authority decides what exchange rate is to be used, the limit will be fixed and so will change as the pound fluctuates against the euro. The FSA plans to issue a consultation in October.The value to which people are protected against the downfall of financial companies became a matter of concern during the credit crunch as high street institutions such as Northern Rock, HBOS and Lloyds TSB were all in a precarious position and the collapse of investment firms such as Keydata has added to the public’s concern.On the back of ‘inaccurate’ media reports suggesting that the FSCS had plans to reduce the compensation protection for investments, the FSCS has said: ‘The FSCS has no plans to reduce compensation protection for investments as suggested, nor is it able to do so. The rules that the FSCS applies when assessing clams are made by the Financial Services Authority. These include rules that set the FSCS compensation limits. The FSCS cannot depart from these rules’.All of this is good news for those considering their estate planning and investments, whether they are small business owners, employed, self-employed or retired.

Join our Newsletter

Subscribe and get the latest updates about inheritance tax and Estate Planning into your mailbox.

We help people with over £1 million in current assets pay ZERO in UK inheritance tax

One stop comprehensive specialist advice - Tax, financial planning and legal advice service with 18 years experience.

What our clients say
Read our 114
    

"It is gratifying to finally come across an adviser who gives sensible ongoing advice which is very client focused."

Frank Hibberd

Retired gentleman

"It is nice to know that we can now be certain that our daughter will inherit our money without giving a large slice of it to the government ."

Tony & Sue Perriss

"Everyone's situation is different but having an initial discussion with Charles has really helped me personally navigate what can be a daunting subject."

Bobby Chadda

"I particularly want to thank you for the open and transparent manner in which you have serviced my tax planning needs since I first met you seven or so years ago. In arranging my tax planning through you, I have confidence"

Michael Mahon

Retired gentleman

"Charles was really helpful from the outset and quickly clarified our situation for us... I have used Bluebond for  IHT and other tax advice and they have been very helpful with both. Charles is a very experienced and knowledgeable individual and I highly recommend Bluebond's services."

Sam Attenborough

Retired gentleman

I have used Bluebond for setting up a discretionary trust for my children as well as inheritance tax and estate planning for my home and  other properties. Having searched for years, it was only after meeting and speaking with Charles that I felt confident enough to take these next steps, and I'm very glad I did. His ability to explain complex issues in simple terms and walk you through every step of the process is quite simply unparalleled.

Imran Qureshi

Excellent and comprehensive advice concerning all things financial in one place. Enthusiastic, Educational, Expert, value oriented, Professional and Polite are adjectives that come to mind as well as great attention to detail.

Deirdre Buckley

Inheritance tax is a minefield. Charles de Lastic of Bluebond Tax Planning is the best in the business at helping you to chart the path that is right for you to ensure your estate is structured in the most tax efficient manner.

Nicholas Dickinson

Charles provides clients with valuable insights that clearly demonstrate expertise built over the years. Charles and his team guided us through a estate planning journey and then addressing complex Inheritance Tax matters. They have been very transparent with their advice and cost. Overall an excellent service. Highly recommended

Shailesh Karia

The information contained in this web site is for UK consumers only.  Like most firms of solicitors and accountants, Bluebond Tax Planning is not regulated by the FCA. The content of this website does not constitute FCA regulated financial advice and all content is provided for general information purposes only. Bluebond is not responsible for any action you may take as a result of information on this site. All advice will be delivered on a personal basis once we fully understand your situation and our client agreements have been signed.

Copyright © 2024
Copyright Notice
Legal Disclaimer
Terms & Conditions
Privacy Policy