FSA outlines FSCS funding future

Due to take effect from April 1, 2008, the new system will significantly increase the funding available to pay consumers' claims, be more robust and sustainable than the present arrangements, promote consumer protection and market confidence, apportion the cost of compensation fairly and be simpler to administer. FSA director Graeme Ashley-Fenn said: "An effective system for compensating consumers for losses incurred when a financial services company fails is a vital part of the regulatory system. The new model is more rational, fairer to the various players in the market and provides gre...