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FSA proposes early introduction of compensation scheme

The FSA is proposing an early start for the new single financial services compensation scheme.

It wants to introduce the FSCS in February 2001 ahead of the full implementation of the Financial Services and Markets Act .

Under the proposals the new scheme would replace the Investors Compensation Scheme and other existing schemes would arrange for their operations to be managed by the FSCS.

FSA director of consumer relations Christine Farnish says “Establishing the new scheme early will enable the FSCS management team to get on with the important work of bringing existing schemes under one roof, ensuring smooth continuity of operations and facilitating planning for the new integrated scheme.”

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