FSA publishes new rules for faster payout

24th July 2009

The Financial Services Authority today published its Policy Statement on banking and compensation reform. The FSCS welcomes the changes and believes they will contribute to improving consumer confidence.

Among the changes contained in Policy Statement 09/11 - Banking and Compensation Reform are:

FSCS Chief Executive, Loretta Minghella, said: "We welcome the FSA Policy Statement, which marks the next phase of improvements to the FSCS that will benefit consumers. Both we and the industry have much to do to implement FSA's new rules. Once we have done so, it will be much easier for the FSCS to respond quickly should a deposit taker fail. That will be good news for consumers and will help to promote consumer confidence."