FSA delays FSCS funding review
Share
The FSA has delayed a funding review of the Financial Services Compensation Scheme due to the upcoming overhaul of the regulator.
The regulator was expected to publish a consultation paper on FSCS funding in November but now says this has to be postponed.
An FSA spokeswoman says: “The FSA has decided not to consult at this point because changes to the regulatory landscape, with the creation of the Prudential Regulatory Authority and the Consumer Protection and Markets Authority, may have potential consequences for the structure and funding of the FSCS, and any review must take account of this.”
Funding of the FSCS has come under fire from advisers who are having to foot the bill for the likes of Keydata and failed stockbrokers Wills & Co, who have been judged to fall in the same FSCS intermediary sub-class as IFAs.
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
Readers' comments (2)
Julian Stevens | 3 Nov 2010 12:35 pm
What a load of typically mendacious tripe from the FSA. If they're so concerned about the changing regulatory landscape, why aren't they putting the RDR on hold or, more appropriately, reviewing the validity of and justification for the whole thing?
How's that JR progressing, Gareth?
Unsuitable or offensive? Report this comment
Evan Owen | 3 Nov 2010 3:01 pm
Siomedig iawn Hector.
Unsuitable or offensive? Report this comment