The Bank of England is to cut the maximum deposit it will protect to £75,000 from the current £85,000

  • The new limit takes effect from 2016
  • The Bank of England's Prudential Regulation Authority announced the changes to the Financial Services Compensation Scheme, which protects deposits from retail customers and small businesses in the event that a bank, building society or credit union fails
  • The Authority said the revision downwards is because the PRA is required to recalculate the limit every five years and set it at an amount in sterling equivalent to EUR100,000