Should your bank or insurer go under: Consumers to get more protection under reforms

In event of such failure, consumers will have more protection under reforms kicking in tomorrow

The changes involve increasing the level of compensation for customers in the event their lender or insurer faces financial collapse.
The changes involve increasing the level of compensation for customers in the event their lender or insurer faces financial collapse.PHOTO: ST FILE

The prospect of a local bank or insurer going belly up is almost unthinkable here but if such a calamity happens, consumers will have a lot more protection to fall back on under reforms that kick in tomorrow.

The changes involve increasing the level of compensation for customers in the event their lender or insurer faces financial collapse.

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A version of this article appeared in the print edition of The Sunday Times on March 31, 2019, with the headline 'Should your bank or insurer go under...'. Subscribe