MP withdraws bid to minimise FSCS costs

clock

A shadow minister has pulled back from an attempt to amend legislation to ensure Financial Services Compensation Scheme (FSCS) costs are minimised.

Had it been pursued and approved, the amendment to the Financial Services Bill, tabled by shadow financial secretary Chris Leslie, would have required the Prudential Regulation Authority (PRA), a successor to the FSA, to "minimise, as far as possible, the costs to the FSCS or the use of public funds to support or rescue parts of the UK financial services industry". Addressing the Financial Services Bill committee today, Leslie argued it was "not unreasonable to have minimal recourse to FSCS funds as far as possible" and pointed out that they were not "drawn from thin air" but from levies...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Open letter slamming FCA email policy sent to regulator and government

Open letter slamming FCA email policy sent to regulator and government

'Alarming lack of consultation'

Beth Brearley
clock 20 March 2025 • 2 min read
Crispin Odey hit with £1.8m FCA fine and ban

Crispin Odey hit with £1.8m FCA fine and ban

FCA cites lack of integrity

Sorin Dojan
clock 17 March 2025 • 2 min read
Reeves to overhaul regulatory regime as part of growth drive

Reeves to overhaul regulatory regime as part of growth drive

FCA and CMA face changes

Sorin Dojan
clock 17 March 2025 • 2 min read