Blog: IMA's Saunders demands fairer FSCS

This scheme pays consumers when a firm goes into default owing them money. It's the industry that foots the bill for the scheme's compensation payments - so the key questions are who pays and how much. This is of crucial importance to the fund management industry because we recently found ourselves on the receiving end of a bill for more than £200m following the demise of a purveyor of investments into second-hand life insurance policies. This is an extraordinary amount to pay for something with no connection to the industry. Some firms had to meet wholly unexpected bills of more than...