Kingdom Bank - a UK Christian bank whose mission is to help churches grow - has welcomed a proposal to raise savings protection, saying it'll help churches.
The Financial Services Compensation Scheme (FSCS) exists to protect people's money if a financial firm fails. The Prudential Regulation Authority (PRA) has proposed an increase to the FSCS standard deposit protection limit, from £85,000 to £110,000 per eligible depositor, per authorised firm.
Matt Slack, Chief Financial Officer for Kingdom Bank, said: "A higher FSCS limit gives individuals, churches, Christian charities and businesses greater confidence to entrust larger balances with us, knowing more of their money is protected."
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