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FSCS sets out 5 year vision: online claims, accountability and cutting costs

The Financial Services Compensation Scheme has committed to delivering better outcomes for consumers and financial services firms in a five-year strategy published today.

The FSCS says it will meet changing consumer expectations by providing an online claims service within the next two years, and handling 60 per cent of all claims online in the next five years.

It says this will help to cut the time taken to complete a claim from six months to three months by 2017 and to reduce costs.

The FSCS has also pledged to continue raising consumer awareness, committing to increasing the proportion of adults who are aware of the FSCS or a protection scheme from 50 per cent to 70 per cent over the next five years.

The FSCS also says it will be more open, accountable and transparent to the industry that pays for it.

It says by 2018/19, firms will receive more advance information about the potential impacts of firm failures, and will get more certainty about future levies.

FSCS chief executive Mark Neale says: “Our vision puts consumers and the industry at the heart of what we do. We plan to deliver for them.

“Consumers want more flexible services and the industry wants us to be more transparent and accountable – after all, they are the people who pay for the protection we provide for consumers.”

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  1. As ever a message from Fairyland.
    The world of the compensation culture is alive and thriving. Caught a cough on the Tube – get compensation from TFL. Got a splinter in your finger? Get compensation from the Canadian lumber industry.
    For financial services – claim on line, more fun than watching Coronation Street. So the FSCS want to cut costs – evidently not our costs. It just wants to be accountable so that it can tell us why fees will increase this year by over 200%.
    But in this great mission statement and vision of the future the FSCS seems to completely ignore the ‘elephant in the room’. Higher and higher fees from fewer and fewer payers. In the end will we all just be working to pay the levy?

    Am I being naive, stupid or simplistic if I pose the question: Isn’t it about time you worked out how to have less claims? The Regulator requires extensive reporting – shouldn’t this be a bulwark? If it isn’t doesn’t it point to the uselessness of collecting information for which there is no discernable positive outcome?
    Am I being simplistic if I ask why regulation can’t stop the endless stream of firms going insolvent and laying their liabilities on others who run their business properly? What is the point of vetting if this crucial role can’t be reasonably achieved?

    The methodology of the FSCS in effect penalises well run firms – but of course we all know that – except for the FSCS that is.

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