UK bank and building society customer protection limit to rise to £120,000

• The UK government will raise the customer protection limit for bank and building society deposits to £120,000 starting December 1, marking a 41% increase from the current limit of £85,000. This adjustment aims to enhance the financial security of savers in the UK, ensuring that a larger portion of their deposits is safeguarded in case of a bank failure.
• This development is significant as it reflects the government's commitment to protecting consumers and boosting confidence in the banking system. By increasing the protection limit, the government aims to reassure savers that their funds are secure, which may encourage more individuals to save and invest in the financial system.

— via World Pulse Now AI Editorial System