Following an update to the Law Society’s practice note on deposit protection for client accounts, in December, each client can now recover £85,000.00 (previously £50,000.00) from the Financial Services Compensation Scheme. This does, however, only apply to individuals or small companies (the small companies must meet two out of three criteria, listed on the practice note). Larger corporations should be advised that they will be unable to claim compensation. If the client also has their own account with an institution that collapses then the sum total they could claim would still be the initial £85,000.00.
You can read the full practice note here.
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