A decade of the FSCS (and there are still growing pains)

clock • 3 min read

As the Financial Services Compensation Scheme celebrates its tenth anniversary, what have been its successes and failings, and what do advisers make of the organisation?

The FSCS may have just marked its tenth anniversary (on 1 December), but it seems few in the world of financial advice are in a celebratory mood. The organisation took over responsibility for compensation from no fewer than six predecessor bodies, including the Investors Compensation, Deposit Protection and Policyholders Protection schemes, following changes made under the Financial Services and Markets Act 2000. Since its establishment, the FSCS's role has been as a fund of last resort; an organisation designed to compensate eligible consumers if an authorised firm is unable to meet ...

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