....compensation and protection, investigation reveals

Banks and building societies are giving ‘inexcusably’ bad information about how much of their customers’ money would be protected in the event of a collapse, according to consumer group Which?. Researchers posed as new customers to ask 13 banks and building societies questions about how the Financial Services Compensation Scheme (FSCS) works. Under the scheme, all UK savers have the first £85,000 of savings protected. Researchers told the providers they had £100,000 to deposit into an account. But out of the 156 anonymous calls they made, not one member of staff gave an unprompted warning that £15,000 of this money would not be protected if the provider went bust......Read more here