-
Scottish bank customers warned over deposit protection scheme
After independence Scottish banks may have trouble matching the Financial Services Compensation Scheme's guarantee. Bank customers and pensioners in Scotland would be less well protected if the country voted to leave the UK, a report warned on Monday. The analysis, part of the Treasury's look at devolution's impact, says an independent Scotland could have significant difficulties providing standalone protection to match the current Financial Services Compensation Scheme (FSCS), which protect deposits in UK banks up to £85,000. An independent Scottish retail banking sector would be dominated by two large banks – Bank of Scotland and Royal Bank of Scotland. If one of these were to fail, the report suggests, almost all of the costs for compensating depositors would fall on the remaining firm, and that could lead to more concern among deposit-holders.....Read more hereYou must be logged in to post a comment.
- Hi & Welcome to the AAD Consumer Forum
We're a FREE consumer debt and legal forum offering help, support and debate in many areas of day-to-day life. You will need to Register a Free Account before you can join in with the discussion and contribute with your own posts. Remember to also check out the FAQ's so you can get to grips with how the forum works ready to start posting your new topics. Read about the new GDPR 2018 Rules and how it affects you as a member of AAD.
Tweet