Peers call on regulator to minimise FSCS costs

clock

Two Labour peers have introduced an amendment to the Financial Services Bill seeking to minimise Financial services Compensation Scheme (FSCS) costs borne by levy-payers.

Presented by Baroness Hayter of Kentish Town and Lord Eatwell, the amendment addresses the ways in which the Prudential Regulation Authority should go about achieving its objectives. It says one of these should be by "seeking 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". A similar amendment was proposed by shadow financial secretary Chris Leslie MP when the bill had is commons committee stage, although he withdrew it following a request from Treasury financial secretary, Mark Hoban. ...

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 enforcement to become 'assertive, proactive and intrusive'

FCA enforcement to become 'assertive, proactive and intrusive'

‘You can expect the regulator to take robust action where needed’

Isabel Baxter
clock 29 February 2024 • 2 min read
FCA: 'Huge opportunity for firms to shape the advice sector'

FCA: 'Huge opportunity for firms to shape the advice sector'

Kate Blatchford-Hick calls on firms to embrace the regulator’s proposals

Sahar Nazir
clock 09 February 2024 • 2 min read
New era for workplace pension governance as TPR overhauls practices

New era for workplace pension governance as TPR overhauls practices

The regulator’s long-awaited general code of practice has been published

Hope Coumbe
clock 11 January 2024 • 1 min read