In the wake of the recent global banking crisis, the Bank of England is considering an overhaul of its deposit guarantee scheme, increasing the current limit on corporate deposits (£85,000) and requiring banks to pre-fund the guarantee system to ensure faster repayment in the event of a bank failure.
People familiar with the matter said that the UK Financial Services Compensation Scheme (FSCS) is under urgent review after Silicon Valley Bank and its UK subsidiary collapsed last month. HSBC eventually acquired Silicon Valley Bank's UK subsidiary for £1. (Bnn Bloomberg)