Mark Hoban has admitted there is "no perfect solution" to the funding for the Financial Services Compensation Scheme (FSCS) but insisted it is the industry which should pay for any failures.
The funding of the scheme was brought up during a meeting of the Financial Services Bill Committee this morning, although no MPs tabled any amendments to change it. Hoban suggested the industry had not been vocal enough about any concerns about the funding of the FSCS when the existing regulatory regime was set up, under FSMA 2000. "The last time it was reviewed, everyone was content with the mechanism of allocation," he said. "Events subsequently suggested the mechanism was not appropriate and is now being revisited." "I don't think there is a perfect solution to this and it is be...
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