Deposit and Policyholder protection changes

The Prudential Regulatory Authority have today announced that they plan to change the level of deposit and policyholder protection from 31st December 2015. 

The current limit of £85,000 was set as a result of EU directives requiring a level of €100,000.

From 31 December 2015 the new limit will be £75,000.

Further details may be found at 

http://www.fca.org.uk/news/statement-from-the-pra-announces-changes-to-depositor-and-policyholder-protection

This will mean that Terms of Business and other such letters will need to be updated for 2016.