Financial Services Compensation Scheme

(asked on 1st September 2020) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if his Department will conduct a review of the effect of the Financial Services Compensation Scheme levy on firms required to pay that levy.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 9th September 2020

The Government does not have a role in setting the Financial Services Compensation Scheme (FSCS) levy. The FSCS is an independent non-governmental body which carries out its compensation function within rules set by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), who are themselves also independent from government.

The FSCS has said it will be working with industry and regulators to do what it can to address any concerns about updates to this year’s levies.

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