Overview
- The new cap applies per person per authorised firm, with joint accounts covered up to £240,000.
- Cover for qualifying temporary high balances rises to £1.4 million and lasts six months.
- FSCS will automatically compensate eligible depositors, typically within seven days of a failure.
- Balances across brands sharing a banking licence are aggregated, so customers should check group structures.
- The final figure exceeded the £110,000 proposal after consultation and inflation updates, with firms required to update disclosures and the FSCS badge by 31 May 2026.