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Bank Claim: FSA to make compensation amounts more visible

The Financial Services Authority (FSA) has announced that it will make changes to its rules to ensure that all banks, credit unions and building societies in the UK make consumers directly aware of how much compensation they could receive in the event of an insulation failure.

Consumers should be told of the amounts when they make a deposit, so in future the banks will need to display signs which state "your deposits are protected up to £85,000 by the Financial Services Compensation Scheme, the UK deposit protection scheme" in their branches and on their websites.

The proposals are part of a wider initiative to restore customer confidence in the sector.

Hector Sants, chief executive of the FSA, said it was "vitally important" that people began to trust banks and lenders once more.

This comes after the FSA entered a partnership with the Office of Fair Trading to help prevent many of the problems which were associated with the misselling of payment protection insurance reoccurring in new financial products.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801239249-ADNFCR

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