Overview
- Temporary high balance protection rises to £1.4 million for eligible life events, with cover lasting six months.
- Compensation applies per person per authorised firm and aggregates balances across brands sharing a banking licence.
- Eligible customers typically receive FSCS payouts within seven days of a firm’s failure.
- The revision is the first increase since the £85,000 cap was set in 2017.
- The new limit tops the EU’s €100,000 benchmark but remains below U.S. coverage of at least $250,000 per depositor.