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Failed UK bank compensation payouts could happen electronically, Bank of England says

( April 18, 2023, 10:34 GMT | Official Statement) -- MLex Summary: Payouts to depositors of failed banks, under the UK’s Financial Services Compensation Scheme, could be done electronically, the Bank of England said today. In preliminary proposals, the BOE said the current FSCS system, which pays out up to 85,000 pounds in covered deposits by check within seven days of a bank failing, could be improved with an online portal that would allow the FSCS to electronically transfer funds. Other improvements should be taken forward, including operational support from banks receiving applications for new accounts from individuals who have seen their existing accounts shut at failed lenders, and improvements to the continuity of banking services.Statement follows...

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