QUICKWISDOM


Important changes to protection for cash deposits


Following the credit crunch most savers will be acutely aware of the Financial Services Compensation Scheme (FSCS). The scheme protects deposits up to a set limit, in the event that a bank or building society fails.


The amount of protection is set by an EU directive at €100,000 and due to the falling Euro the amount is set to fall to from £85,000 to £75,000.


The change does not come into effect until 1st January 2016, however you may need to start planning now and to consider the following: nDo you have more than £75,000 (£150,000 for married couples/ civil partners) with one institution?


At four of the shows we also held a joint breakfast with Porter Dodson and the CLA with some great local speakers from a selection of local food and drink businesses including, Copse House Cider, Cheeky Cow Cheese, Somerset Cider Brandy, Furleigh Wine Estates, Styles Ice Cream, Dorset Game Larder and Langham Wine Estates. These gave a great opportunity to enjoy a delicious breakfast whilst listening to some inspirational talks before heading around the show.


nDo you know which banks/ building societies share a credit licence?


nDo you need to plan any maturing fixed interest accounts to ensure you don’t roll over a sum greater than the reduced allowance?


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