Savers rescued as bank collapses

[ukhudshanskiy]

Around 10,000 savers are to be rescued by a UK compensation scheme after London Scottish Bank became the first British bank in the current economic crisis to go into administration.

The Treasury stepped in to assure that all savers eligible under the Financial Services Compensation Scheme (FSCS) are protected - including those with deposits above the £50,000 maximum limit. London Scottish holds more than £250 million in savings deposits and around 600 of its customers have savings of £50,000 or over.