PIMFA
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The FCA are currently seeking views on fundamental questions about the purpose, scope and funding of the framework, within which the Financial Services Compensation Scheme (FSCS) operates, to ensure it continues to meet the needs of consumers and firms.
Their review is in addition to the action they have already taken to tackle the root cause of high FSCS costs; namely:
• improving the conduct of firms to prevent harm from happening in the first place;
• and improving the financial resilience of firms so they are better able to meet their own redress liabilities and put things right for consumers.
As drivers behind the review, PIMFA are keen that members are able to learn more about the FCA’s discussion paper as well as input their views on what a compensation framework could look like in future to the FCA colleagues who are conducting the review.
