View more on these topics

Keep FSCS in contingencyplanning, says Hall

Financial Services Compensation Scheme chairman David Hall has called for the Government and regulators to include the FSCS in its contingency planning to enable the service to meet demands placed on it.

Giving evidence to the Treasury select committee last week, Hall indicated that previous planning for the failure of financial institutions had not involved the scheme.

He said: “If we can somehow create an environment whereby it is normal for us to be involved in stress-testing different institutions’ capabilities, in order to plan for future payouts, that is another key thing we need to build into the structure.”

When asked by TSC chairman Andrew Tyrie about the possibility of separate compensation schemes for the Consumer Protection and Markets Authority and the Prudential Regulation Authority, FSCS chief executive Mark Neals said the service needs to remain in one piece.

He said: “My confidence that we can do all the jobs that we have to do and provide a good responsive service to consumers across the range of services does depend on keeping the organisation together.”


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm