A sign of things to come?
What is SMS used for? at least the core banking bits are working
Where are you seeing that? I checked AWS status and didn’t see anything.
With Marcus at the moment for 4.30%. Not fintech but do the job with near instant withdrawals and a clean app
My savings (both ISA and non-ISA) are with Trading 212 at 4.50% and 4.60% respectively.
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Has this ever actually been relevant? Has any bank (in this country) got to the point of bang and the £85k protection kicked?
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Northern Rock? The Icelandic banks operating in the UK?
It didn’t start until after the NR debacle
Looking at their press releases, it seems to be mostly credit unions going under - not huge in the grand scheme of things.
FSCS started years ago but the limit was much lower.
It changed to £85,000 as part of EU rules to standardise the amount covered to 100,000 Euros.
I don’t know about the current proposal, but FSCS covers a lot more than the potential failure of banks or credit unions.
It also covers SMEs, not just personal customers
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I don’t think so but part of its role is helping prevent a bank from collapsing in the first place, so it could be said to be doing its job.
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New rules will require banks to give customers 90 days’ notice before closing accounts and provide a clear explanation.
Changes will prevent banks closing accounts without a clear reason, while giving people and businesses the time and information needed to challenge decisions.
From 28th April 2026
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Cue an increase in debanking in early 2026.
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There’s still ‘The measures will be subject to certain exceptions, for example, to enable payment service providers to comply with their obligations under financial crime law.’… so i still expect there to be some occasions where banks aren’t forthcoming with reasons but anything to try and improve transparency is a good thing.
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