UK seeks comments on banking reform


On October 1, the FSA increased the limits on compensation payable under the Financial Services Compensation Scheme (FSCS) on deposits up to £35,000, equal to 100% of the loss occurred, to help quell consumer fears and stop the run on the Northern Rock bank. Before that, compensation was limited to the first £2,000 plus 90% of the deposit between £2,000 and £35,000.

The run on Northern Rock has sparked concerns that the framework for depositor protection does not uphold customer confidence an

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