'Covid-19 pandemic is FCA's chance to resolve FSCS funding issues'

Davy said post-crisis firms should be allowed to focus on rebuilding their capital adequacy, rather than "unfairly" funding the Financial Services Compensation Scheme (FSCS). The chairman gave praise to the FCA's recent action on capital adequacy requirements of financial advice firms amid the crisis, which allowed firms to access their cap ad reserves to support the continuation of their activities, should they need to do so. He said the "flexible" and "pragmatic" approach was a welcome breath of fresh air and common sense from the regulator and, in light of that, the Covid-19 crisis...