Family Investments: The amount that is protected by saving providers is being reduced in January 2016.
The reason is that the pound is currently strong against the euro – €100,000 protection is now equal to around £72,000.
The EU limit is not changing but to make sure it is still equivalent, the limit is reducing to £75,000.
To fall in line with the rest of the Europe, a £85,000 limit was imposed in 2010 so that everyone with a saving account had €100,000 protection or the equivalent.
Every five years, UK regulators have a duty to review the protection limit so that it is the same as the rest of the EU.
If you have more than £75,000 you may wish to choose gold as a way of spreading your family investments.
If you would like to discuss more, do get in touch with Oliver Temple.
or 020 7283 7752
Image courtesy of photostock at FreeDigitalPhotos.net