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Bank branches and websites will soon need to display prominent signs, telling customers that their savings are protected up to £85,000. The requirement, being proposed by the Financial Services Authority, covers building societies and credit unions. The deposit guarantee scheme, run by the Financial Services Compensation Scheme (FSCS), has been in place since 2001. The FSA said it was worried that not enough people knew about the scheme. "It is vitally important that customers have confidence in the banking system and that is why we are taking this step of making it obligatory for firms to prominently display compensation information," said Hector Sants, chief executive of the FSA.
"The posters and website notices we are going to be mandating will help to prompt consumers to get more information and to make informed decisions about how much money to deposit with one bank."....Read more here--: BBC News - Banks to advertise guarantee for savers
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