UK Proposes Increase in Bank Deposit Insurance Cap to £110,000

The Bank of England has announced plans to raise the cap on deposit insurance by nearly 30%, following a review initiated after the collapse of Silicon Valley Bank two years ago.

The central bank’s regulatory body proposed increasing the coverage limit to £110,000 ($142,400), up from the current £85,000, as stated in a release on Monday. Additionally, the Bank of England seeks to expand the Financial Services Compensation Scheme, allowing it to be used for the recapitalization of struggling financial institutions.

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