The Financial Services Compensation Scheme (FSCS) has announced an industry-wide agreement to raise awareness of deposit protection for consumers.
Under PRA rules, banks and building societies are already required to display the FSCS badge in branches and on posters and leaflets. However, under a new industry agreement, which is supported by UK Finance and the Building Societies Association, the FSCS badge is to be added to the following consumer channels and documents:
- mobile banking apps; and
- customer information sheets.
Banks and building societies have 18 months to implement the industry agreement. Final guidance is being sent out to banks and building societies detailing the new arrangements.
View FSCS announces new industry-wide agreement to raise consumer awareness of deposit protection, 20 September 2017