Savings protection limit could be increased to £110,000 later this year

Charities have reported a surge in calls and visits to their advice pages following the Government’s planned cuts to welfare (Alamy/PA) -

The deposit protection limit for savers if their bank or building society fails could be raised by £25,000 later this year, under proposals being consulted on.

The Bank of England’s Prudential Regulation Authority (PRA), which supervises financial institutions, has proposed increasing the depositprotection limit of the Financial Services Compensation Scheme (FSCS) from its current level of £85,000 to £110,000.