Financial Services Compensation Scheme

(asked on 4th February 2020) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what discussions officials in his Department have had with (a) stakeholders and (b) representatives from the Financial Conduct Authority on the review of the calculation of the Financial Services Compensation Scheme levy.

Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 10th February 2020

The Financial Services Compensation Scheme (FSCS) is an independent non-governmental body. The FSCS carries out its compensation function within rules set by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), who are also independent from government.

The FSCS levy is set annually by the FSCS within the limits set by the FCA and PRA. It is for the FCA and PRA to consider the impact of the levies on the firms they regulate, acting in line with their statutory duties. The Government has no role in setting the levy.

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