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Savings scheme launches ad campaign

The organisation that offers protection to savings accounts has launched a multimillion pound advertising campaign in a bid to raise awareness about the cover it provides.

The Financial Services Compensation Scheme (FSCS) offers compensation to savers if their bank or building society goes under.

It now covers deposits of up to £85,000 in single accounts, after the figure was updated in line with the new European Economic Area compensation level of 100,000 euro. Cover is also offered on joint accounts of up to £170,000.

Despite record payouts in the last few years, a recent study found that very few consumers were aware of the scheme.

Just 3 per cent of those questioned were able to spontaneously recognise the FSCS, compared with 9 per cent in 2009. In January 2008 after the run on Northern Rock, 20 per cent were able to identify the scheme.

The latest survey showed that 47 per cent of people knew that a compensation scheme existed, but were unaware that the cover was provided by the FSCS.

The scheme covers deposits held with UK banks and subsidiaries of foreign banks which operate in the UK, but not money held with UK branches of European banks. These are covered by the relevant compensation scheme in the country where the bank has its head office.

Copyright © Press Association 2011

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