Deposit Guarantee Scheme
From ACT Wiki
(DGS).
A scheme that guarantees certain bank depositors' funds - subject to specified limits - should the bank fail.
With effect from 2016, the guaranteed amount in the UK is limited to £75,000. (It was previously £85,000.)
The limits were established as the approximate domestic currency equivalent of EUR 100,000.
The UK deposit guaranteee scheme is the Financial Services Compensation Scheme (FSCS), overseen by the Prudential Regulation Authority (PRA).
