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The Financial Services Authority recently stated that banks in the UK must spend about  £ 1 billion on their IT systems to give their clients better security against a lender’s bankruptcy. The agency is spearheading a program called Financial Services Compensation Scheme which aims to give depositors better savings insurance. The Northern Rock Fiasco prompted the authorities to increase savings guarantee to £ 50 thousand. About £ 892 million is needed to upgrade the computer systems of the lending entities. Such a move will ... Read More