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Hard on the heels of the announcement that the amount of bank deposits guaranteed to be reimbursed in the event of the failure of a covered financial institution is to be reduced from £85,000 to £75,000 from 1 January 2016 comes the news that, for the first six months from the date of a major deposit, the deposit will be guaranteed up to £1 million.
The first change has to do with the falling value of the Euro. The legislation is intended to set the guaranteed sum at approximately €100,000.
The second change is to ensure that people who receive a large sum – for example a legacy from the estate of a relative – have a temporary period of cover.