A major advertising campaign has been launched by the organisation that offers savers protection for the money they hold in savings accounts.
The Financial Services Compensation Scheme (FSCS) now covers increased amounts of cash savings, following a change to EU regulations over how much governments need to insure. The FCSC now covers £85,000 in single accounts and up to £170,000 in joint accounts. Anyone with more than this is savings needs to ensure their money is spread over several accounts to protect it all in the event of another financial meltdown.
The advertising campaign follows research carried out by the group that shows that awareness of the cover is still relatively poor. As a result, many people are still concerned that their money is not safe in bank accounts or building societies.
Only 3 per cent of people instantly recognised the FSCS, down from 9 per cent in 2009 and 20 per cent in 2008. The £4 million campaign is to focus on newspaper and TV commercials, which it hopes will let people know that their money will be safe even if the worst should happen and their bank collapses.
