Article preview: The UK financial services profession is highly regulated, and with that high level of regulation comes significant consumer protection. By working with an authorised and regulated adviser, consumers can be confident they will be backed up should things go wrong. One layer of consumer protection is the Financial Services Compensation Scheme (FSCS), which covers authorised providers of regulated financial services in the UK. The FSCS is a scheme established by the government, but funded by levies on the regulated profession. Despite the importance of this consumer protection, the FSCS is not trusted to deliver fair outcomes for consumers or their firms.
Rebuilding trust in the Financial Services Compensation Scheme
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This 880-word blog post reports on new research from PIMFA looking at the cost of funding the Financial Services Compensation Scheme and the lack of trust in this consumer protection scheme delivering fair outcomes for regulated firms or consumers. Written on 5th October 2020.
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