Deposit Guarantee Scheme increases compensation available for banking clients

The maximum compensation available to banking clients has increased from £85,000 to £120,000.

The regulatory changes align the Rock's framework with the updated UK threshold, which now exceeds the EU's standard minimum level of 100 thousand euros.

The reimbursement period has also been shortened. Eligible payments must now be made within seven working days, ensuring faster access to funds in the event of a claim.

The Gibraltar Deposit Guarantee Scheme protects depositors if a credit institution, authorised by the Financial Services Commission, is unable to repay them.

Christina Cortes spoke to the FSC's Head of Resolution and Compensation, John Gill.