Still fit for purpose? Why the FSCS needs to think radically

How many FSCS staff does it take to change a light bulb?

clock • 4 min read

Justin Cash shares his views on the FSCS which he says is an important part of the financial services world but is in dire need of innovation to function more effectively...

How many Financial Services Compensation Scheme (FSCS) staff does it take to change a light bulb? An extra £8.7m-worth next year, a flippant reading of the lifeboat fund's latest budget suggests. Advisers might give an involuntary snort when they see their bill each year, but having a functioning scheme to protect consumers when firms fail is no laughing matter. Time and again, research shows that having a backstop should they need it is what convinces them to get advice in the first place. But fear not for the lifeboat fund's solvency: advisers will be there to lend a hand, as ever, ...

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