FSCS publishes its strategy outlining its priorities for the 2020s
The Financial Services Compensation Scheme (FSCS) today published its strategy for the 2020s.
FSCS protects consumers when financial services businesses fail and, by doing so, raises confidence in the industry and helps to underpin financial stability.
The FSCS strategy document, FSCS into the 2020s: Protecting the Future, identifies the challenges of the coming decade and FSCS’s priorities in meeting those challenges. It sets out four strategic priorities for the next few years:
Prepare – FSCS must be able to protect consumers in a crisis or in the event of major failures to maintain public confidence and financial stability.
Protect – FSCS is known and trusted for protection that puts people back on track through outstanding customer experience.
Promote – The full range of FSCS protection is known about and trusted.
Prevent – FSCS collaborates with our regulatory and industry stakeholders to help prevent future failures and to reduce compensation costs.
Mark Neale, Chief Executive of FSCS, says: “Our strategy for the 2020s spells out clearly the challenges we will face, our strategic priorities that will meet those challenges, and what we aim to achieve as we enter the 2020s.
“With rising customer expectations and increasing complexity in many aspects of personal finance, FSCS needs to adapt if we are to continue to provide a trusted compensation service which raises public confidence in the financial services industry.
"We are confident this strategy will enable us to deliver our mission.”
Further details will be set out each year in FSCS's Plan and Budget.
Download the FSCS strategy document, FSCS into the 2020s: Protecting the Future.
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Since 2014, FSCS has implemented changes outlined in its Five-Year Plan and Vision for a Confident Future, resulting in a significant improvement in business performance and delivery, with:
- Public awareness of FSCS protection of deposits now standing at around 80 per cent of adults, so increasing confidence and reducing the risk of a run on a bank.
- £20bn recovered from the 2008 bank failures – £16bn of this in the last five years – and we have repaid all the £20.5bn borrowed from HM Treasury in 2008, as well as returned £375m of other recoveries to the industry in the last five years.
- A significant reduction in our claims processing time and cost, by 23 per cent (£5.2m) on a like-by-like basis over the last five years.
- Customer satisfaction above 80 per cent.
- More than 95 per cent of claims processed within published timescales.