October 8th, 2008
CAF welcomes increased protection for banked funds but reaffirms call for all charity funds to be protected
The Charities Aid Foundation (CAF) welcomes the news that the Financial Services Authority (FSA) has raised protection on deposits to £50,000 in the event that a bank fails. However, this is still some way short of CAF’s proposal for all deposited charity money to be protected. In August 2008, CAF wrote to the Chancellor and the FSA asking that their proposals include full-protection for deposited charitable funds due to the particular nature of their work. John Low, Chief Executive of the Charities Aid Foundation said, “We welcome the raising of limits on protected money from £35,000 to £50,000. “Although many small charities will be relieved to see this increase, for the majority of charities even £50,000 would not be enough to keep them afloat. We will continue to contact the Government about this important issue so that it isn’t forgotten.”
7 October 2008
© CAF