20th March 2007
The Financial Services Compensation Scheme (FSCS) has welcomed the publication of the FSA's proposals to reform the funding structure of FSCS.
Loretta Minghella, Chief Executive of FSCS said:
"FSCS plays a vital role in maintaining confidence in the financial services sector. A fair and sustainable funding system is vital for FSCS to be able to do its job and provide the right amount of protection to consumers who otherwise would have nowhere else to turn.
The FSA's proposals will increase consumer confidence in the market and improve consumer protection."
The FSA published its Consultation Paper 07/05 (CP07/5: Financial Services Compensation Scheme Funding Review) on 20 March 2007 setting out its proposals for the new funding arrangements for FSCS.
FSCS industry newsletter Outlook, Issue 12, March 2006