FSCS response to HMT announcement on regulatory framework

17th February 2011

HM Treasury today published its plans for the future UK regulatory framework, including a new Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA). The two new organisations will replace the Financial Services Authority in 2012.

Mark Neale, FSCS Chief Executive, says: “We welcome today’s announcement which we believe is good news for consumer compensation.  We are pleased that the Treasury has given the FSCS a dual accountability to the FCA and the PRA. This reflects the need for a single integrated compensation scheme for the highly integrated UK markets, and follows the views we expressed to the TSC and HMT. We look forward to working closely with the FCA and the PRA in the future.”