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Just seems a bit odd that they are advertising heavily about the new increase in protection at the moment?

Makes me think if they are expecting a crisis soon?

Who is advertising, the FSCS or individual banks?

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Just seems a bit odd that they are advertising heavily about the new increase in protection at the moment?

Makes me think if they are expecting a crisis soon?

Interesting. I have received letters from Co-op Bank, Lloyds and Nationwide updating me about the increase in protection. I suspect that this was necessary to update their customers on the change.

Perhaps it was intended to be reassuring rather than a forewarning!

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Interesting. I have received letters from Co-op Bank, Lloyds and Nationwide updating me about the increase in protection. I suspect that this was necessary to update their customers on the change.

Perhaps it was intended to be reassuring rather than a forewarning!

how is the limit calculated in the uk if you hold foreign currency in a uk bank, is it the x,xxxk converted at the time of default or is it the x,xxxk at the time of settlement after default or are foreign currencies even covered?

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My dad phoned me about this quite recently the adverts are apparently everywhere even over the Chinese TV channels. He asked me where he could buy gold shortly afterwards!

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how is the limit calculated in the uk if you hold foreign currency in a uk bank, is it the x,xxxk converted at the time of default or is it the x,xxxk at the time of settlement after default or are foreign currencies even covered?

The FSCS limit increased to £85k on Jan 1st as part of European regulations as theirs is 100,000 Euros. The £85k is based on the euro rate at the time and will not move with currency fluctuations so presumably the same rate would apply for conversions in a default.

On the subject of banks telling people the FSCS limit has increased to £85k - perhaps they want you to deposit an extra £35k with them?

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The FSCS limit increased to £85k on Jan 1st as part of European regulations as theirs is 100,000 Euros. The £85k is based on the euro rate at the time and will not move with currency fluctuations so presumably the same rate would apply for conversions in a default.

On the subject of banks telling people the FSCS limit has increased to £85k - perhaps they want you to deposit an extra £35k with them?

Well seeing as £85K will buy a penny chew (if you get to the shop early) this does not inspire confidence!

Funnily enough HMRC have the P11d benefit thing. It has been £8200 or £8500 for the last 30 years, when £8500 a year was a hell of a lot of money!

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The FSCS limit increased to £85k on Jan 1st as part of European regulations as theirs is 100,000 Euros. The £85k is based on the euro rate at the time and will not move with currency fluctuations so presumably the same rate would apply for conversions in a default.

On the subject of banks telling people the FSCS limit has increased to £85k - perhaps they want you to deposit an extra £35k with them?

what about non euros, thing is any bank defaults are likely to see sterling tank as the deposits will likely need printing and also the economic consequences so its quite an important piece of information for uk account holders to consider

Edited by Tamara De Lempicka

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I work in Financial Services and it is down to the FSA that this is being promoted to reassure customers. They initially wanted banks to advise customers of the FSCS quarterly through inserts with statements, etc but this was reduced to annually so expect to see this more often.

To whoever asked, yes foreign currency would be converted to sterling at whatever the rate was that day to decide how much you are eligible to be refunded.

Edited by StuM82

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I work in Financial Services and it is down to the FSA that this is being promoted to reassure customers. They initially wanted banks to advise customers of the FSCS quarterly through inserts with statements, etc but this was reduced to annually so expect to see this more often.

To whoever asked, yes foreign currency would be converted to sterling at whatever the rate was that day to decide how much you are eligible to be refunded.

What's "that day" - the day the bank goes bust or the day they refund you? I suppose things could change a lot inbetween if we have the domino effect.

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What's "that day" - the day the bank goes bust or the day they refund you? I suppose things could change a lot inbetween if we have the domino effect.

The day the institution goes bust.

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A couple of weeks ago I heard on the today program that people are holding 7 billion in cash. It was said about people holding it in fear of the banks collapsing. I remember thinking it's the fear of losing you job why people hold cash.

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The day the institution goes bust.

end of day or start of day or spot the moment its announced? might only make about 20% of difference as thered clearly be a major inside sell off before it happened but its important to get the specifics

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im not THAT interested, but i thought its probably worth highlighting to those with non GBP accounts who hadnt considered

Are the "tea leaves" telling you something again?

Has the ... you know what scheduled for 2013.... been brought forward?

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A couple of weeks ago I heard on the today program that people are holding 7 billion in cash. It was said about people holding it in fear of the banks collapsing. I remember thinking it's the fear of losing you job why people hold cash.

Waiting even a couple of months for compensation would destroy most people, Anyone like me on a tight budget should have at least a months cash at home, if you get caught

out it's a very unpleasant experience (as the banks themselves recently discovered). Trying to fill up a car or pay for a supermarket shop isn't easy without money.

Even if people want to lend you money they can only really do so by handing over cash as the bank will swallow up anything that goes in, one reason the CAB advise

having benefits paid into a different bank account. Someone with a mortgage and savings with HSBC will only get the balance of the two , and only get compensation

if they had greater savings than debt.

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I think the FSCS is the new 'Lender of Last Resort' :D Bet all the banks are shorting themselves so they can make a killing when they go bust - doh!! ;)

Not sure,

the Levy (ie the cost of operating the system last year was only £148m.

http://www.fscs.org.uk/industry/funding/levy-information/2010-11-levy-details/

the year before was £156m

odd because I thought that cost of the bail out was at least £200bn (cos that is the amount of money printed) and probably more like £600bn,

so quite a big unexplained difference?

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I work in Financial Services and it is down to the FSA that this is being promoted to reassure customers. They initially wanted banks to advise customers of the FSCS quarterly through inserts with statements, etc but this was reduced to annually so expect to see this more often.

To whoever asked, yes foreign currency would be converted to sterling at whatever the rate was that day to decide how much you are eligible to be refunded.

Interesting the FSCS are reporting themselves as the "Compensation fund of last resort"

http://www.fscs.org.uk/industry/about-the-fscs/

But they are clear that the total scheme can only pay out up to a limit of £4.1bn in a single year

http://www.fscs.org.uk/industry/funding/

Odd that, given that Nationwide has £200bn of saver's money. £4bn wouldn't go far. I make it 2 pence on the pound from the FSCS if Nationwide fails. That makes me feel better about my ISA!

Optobear

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The FSCS limit increased to £85k on Jan 1st as part of European regulations as theirs is 100,000 Euros. The £85k is based on the euro rate at the time and will not move with currency fluctuations so presumably the same rate would apply for conversions in a default.

On the subject of banks telling people the FSCS limit has increased to £85k - perhaps they want you to deposit an extra £35k with them?

Exactly, a good ruse to encourage re-capitalisation. It's given me the confidence to to sell all my gold tomorrow and put sterling back in the bank....

...Hey, wait a minute!!!

Edited by General Congreve

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Methinks the FSA (or whatever entity will eventually replace them) are anticipating significant budget cuts. Therefore, if they wee-wee away all their money (taxpayers don't mind) on utterly pointless TV adverts and possibly even go over-budget, they think the subsequent cuts will be less severe.

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  • 294 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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