The compensation payment limits for the Financial Services Compensation Scheme (FSCS) and the Financial Ombudsman Service (Fos) will remain at their existing levels, the FSA has confirmed.
The confirmation follows a consultation by the Financial Services Authority (FSA) at the end of last year in which the majority of respondents supported the FSA’s proposal for keeping the limits at their current levels. The recommendation was based on a review carried out during 2005, which found: Most claims or complaints are still well below the current maximum limits; There is no evidence consumer behaviour and market confidence are being significantly affected by current limits; FSCS limits significantly exceed EU minimum limits (currently 20,000 euros) for deposits and in...
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