Bank staff lack compensation info

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Bank and building society staff are giving "inexcusably" bad information about how much of their customers' money would be protected if the provider were to go bust, an investigation by Which? has found.

The consumer group's team of researchers posed as new customers to ask 13 banks and building societies some basic questions about how the Financial Services Compensation Scheme (FSCS) works. Under the scheme, up to £85,000 of someone's savings is protected if their provider goes under.