Post Office savers to get FSCS cover

[TrueBlueTerrier]

http://www.compliancy-services.co.uk/ne ... fscs-cover" onclick="window.open(this.href);return false;

Those with Post Office savings accounts will now be covered by the Financial Services Compensation Scheme (FSCS), it has been announced.

The Post Office's savings products are provided by the Bank of Ireland, meaning that accounts had previously fallen under the Irish Deposit Protection Scheme.

However, the bank has now opened up a new subsidiary in the UK called the Bank of Ireland UK, which will be fully authorised and regulated by the Financial Services Authority.

This means that many Post Office products, such as mortgages, credit cards, travel money cards and savings accounts, will now be provided by the new subsidiary, reports creditchoices.co.uk.

As such, from November 1st, UK customers with any of these products will be covered for up to £50,000 by the FSCS.

Chris Eagle, director of marketing at Creditchoices.co.uk, said: "The Bank of Ireland is attempting to reassure its UK customers that their savings will be safer when they are underwritten by the UK government."