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Our purpose, vision and strategy

Our purpose

We support financial stability, giving consumers confidence, continuity and compensation when financial services firms fail.

Our vision

We are accessible and efficient for customers, valued by industry, and a cornerstone of UK financial stability. 

 

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Who we are and how we help 
FSCS protects customers when authorised financial firms fail. We give people confidence by protecting their savings, investments and insurance policies, providing fair financial compensation and helping to maintain continuity of access to essential services.

FSCS plays a vital role in the stability of the UK financial sector. We are relied on by consumers, respected by industry, and recognised by regulators, government, and global peers as a cornerstone of UK financial stability. By giving people confidence in financial services, we support economic growth, market entry and investment in innovation.

Over the next five years, we will continuously improve how we operate, deliver value and prepare for the challenges and opportunities ahead. Our new strategy (pdf 0.1MB) sets this out in a three-point plan.

Download the pdf (0.1MB)
FSCS's purpose & vision
Our Chief Executive, Martyn Beauchamp talks about the strategy.

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Our three-point plan

  • We’re evolving our claims model to scale and adapt as demand changes, simplifying processes and building resilience.

  • We're enhancing the way we handle advice claims so we respond efficiently, delivering fast, fair and consistent decisions for customers staying ready for failures across deposits, insurance and funeral plans.  
  • Our enhanced claims model will help facilitate fast and fair decisions, a smoother experience and consistent outcomes for the customers we serve. 
  • Our sense of purpose, embedded across the organisation, gives us a solid foundation on which to build our new strategy. We will sharpen how we deliver for customers, combining purpose with the very highest standards of performance.

  • We will define and embed a clear cultural framework that supports the delivery of our priorities, which will match our sense of purpose with the highest standards of delivery, supporting our people with the right tools and systems.  

  • We will reinforce the core processes that shape our culture in practice, including how we work with our strategic partners and how we manage costs, to support professional judgement and deliver better customer outcomes. 
  • Our delivery of our statutory responsibilities is funded by a financial services levy. This levy not only funds the compensation we pay to customers of failed financial services firms, it also contributes to consumer confidence, in the UK's financial services industry.

  • We take our responsibilities as a steward of the levy seriously. This means controlling our costs, thoughtfully managing risk, maximising our recoveries and ensuring consumer awareness of our work continues.
  • We will keep working with industry, regulators and our international partners to share best practice, strengthen preparedness and build consumer awareness of our work. 
pdf front cover

Our purpose, vision and strategy

Read more details on our purpose, vision and strategy.
Download the pdf (0.1MB)
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How we're funded

We're able to pay our customers compensation because we are fully funded by the financial services industry.
See how we're funded
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Press release

See how we presented our new strategy to the UK press.
Read the press release
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