Which? executive director, Richard Lloyd, said:
“A reduction in the compensation scheme limit means people could unwittingly leave thousands of pounds at risk if they’re not made aware of the new rules. We’ve consistently found bank staff have an extremely poor knowledge of the scheme so, with people’s savings soon to have less protection, we expect all banks to ensure staff are properly trained and proactively communicate these new rules to customers.
“We also want the scheme to cover individual banking brands, which people recognise, and the coverage of income drawdown products to be extended to keep up with the pension reforms.”
Statement: Personal Finance