2019/20 is the first year of our new strategy, FSCS into the 2020s: Protecting the Future. The strategy has four pillars: Prepare, Protect, Promote and Prevent.
First, FSCS must be prepared to protect consumers when major failures occur if we are to play our part in underpinning financial confidence and stability. Second, we must protect those who come to us by providing an outstanding service to our customers day-to-day. Third, we must promote awareness of FSCS’s service among consumers across all protected products so that people know how, and to what limits, they are protected if the worst happens and can make informed choices about financial products. Finally, must share what we learn about the causes and consequences of failure with government and regulators and so contribute to improving regulation and preventing future failure.
Since publishing our Plan and Budget we have formed joint pillar leads who will be accountable for the delivery of activities under each strategic pillar. These leads are implementing agreed work plans for the first quarter of this year and have established initial key performance indicators and indicators of success which will be reported to the Board.
We will update industry and our stakeholders on our progress and development of KPIs in the next edition of Outlook.