Financial Services Compensation Scheme — a brief update

By Andrew Northage

The Financial Conduct Authority (FCA) has proposed to extend eligibility to claim on the Financial Services Compensation Scheme to all unincorporated associations and certain large partnerships. Andrew Northage takes a closer look at the proposals.

The Financial Services Compensation Scheme is an independent body and a fund of last resort for customers of authorised financial services firms. Generally, it covers claims against firms that are insolvent and unable to pay claims against them.

The Financial Conduct Authority has decided that its existing rules in the Compensation sourcebook do not properly implement the relevant provisions in the Investor Compensation Schemes Directive…

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