FSCS urges government to prioritise consumer protection

'Further action required'

Julia Bahr
clock • 2 min read

In light of the cost of living crisis severely hitting consumers, the Financial Services Compensation Scheme (FSCS) has called on new prime minister Liz Truss and her government to make consumer protection form a key part of its policy agenda.

The lifeboat fund said it would continue to work closely with them to support their effective delivery. "We will also play our role in supporting the UK's financial services industry by ensuring that the compensation framework gives confidence to consumers to invest with firms and by doing all we can to reduce the harm that ultimately drives up the levy. "It is clear that further action is required to address more of that harm and confront the bad actors that remain in the system - to the detriment of the vast majority. It is vital that the government, the regulatory partners and the ...

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

FCA revokes passported Irish firm's temporary permissions

FCA revokes passported Irish firm's temporary permissions

Wellington Court Financial Services cannot carry out regulated activity

Isabel Baxter
clock 09 October 2023 • 1 min read
FCA cancels permissions of Hove firm Albany Financial Consultants

FCA cancels permissions of Hove firm Albany Financial Consultants

Cancellation of Part 4A permissions enacted with immediate affect

Hope William-Smith
clock 01 September 2023 • 1 min read
Labour branded 'short-sighted' for vowing to battle lifetime allowance

Labour branded 'short-sighted' for vowing to battle lifetime allowance

Consultancy says attention on pensions is better spent elsewhere

Jonathan Stapleton
clock 13 April 2023 • 1 min read