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Savers unaware of compensation cap

Just over a fifth of people are aware of what the compensation limit is for deposits and savings, the latest survey results show.

Data from the Financial Services Competition Scheme (FSCS) suggests that 21 per cent of people knew there was a cap on compensation at £85,000.

The other four fifths were not aware of the £85,000 limit.

A total of 66 per cent of respondents said they support the limit, which was a marginal increase on the 64 per cent who said the same this time last year.

FSCS chief executive Mark Neale said: "The £85,000 limit is good news for every saver in the country, with 99 per cent of accounts now covered.

"Although there have been no high profile failures over the last 12 months, it is important for financial stability that savers are aware of the protection that is available to them."

Copyright © Press Association 2012

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