Which? executive director, Richard Lloyd said:
“Proper protection for temporary high balances is a welcome move that will give more people greater confidence in banking. We also want the scheme extended to cover individual brands, which people recognise, rather than banking license so that people are clearer as to when their savings are covered.
“Bank staff must ensure they are giving the right advice to customers so they understand the rules as we have previously found consumers being let down by poor advice from the biggest providers.”