The FSA has begun work on measures to protect depositors originally slated for 2009 but brought forward in the wake of the Northern Rock crisis.
The project follows a discussion paper, Banking reform –protecting depositors, released in October 2007 written by the FSA, HM Treasury and Bank of England. It focused on possible changes in a number of areas related to bank failure and insolvency and to the provision of compensation to consumers across all financial sectors. The FSA will now consider the range of tools available to the authorities to deliver the outcomes of appropriate consumer protection, market confidence through financial stability and competitiveness. The discussion paper also questions the limit of compensati...
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