Have I got more than £85k on deposit in any one bank in the UK then? If so, spread your risk by moving money to limit the amount in any one banking group. This has been the recommended procedure here since the financial crash anyway, so it's hardly new news.
And the 'MPs' mentioned in the headline turns out to be one Euroseptic MP. Merely scaremongering by the 'Daily Rag', so desperate to sell its newspapers.
if you have more than 85k spread over any number of banks, if those banks are affiliated, you would only get compensation on the first 85k, if the banks went bust, that is here in UK>