Banks urged to show cash protection
"However, it needs to do much more to provide clear, accurate information about the protection we provide. This is essential to building consumer confidence, and is not limited to deposits. It is something that is normal in other parts of the world."
The FSCS protects consumers if banks, building societies or credit unions go under. The safety net has paid out more than £26 billion in compensation to over 4.5 million people since 2001.
Mr Neale added: "We encourage all banks, building societies and credit unions to have a sticker on display, posters and information in branch and on their websites."
The FSCS recently launched a £4 million publicity campaign in a bid to raise the scheme's profile, but later acknowledged that awareness had not been raised to the levels hoped.
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