In this paper we consult on proposed changes to some of the rules in our Compensation sourcebook (COMP) that govern the operation of the Financial Services Compensation Scheme (FSCS).
Why are we issuing this consultation paper?
In this consultation paper we propose:
- an increase in the non-investment (general and pure protection) insurance mediation compensation limit in relation to some types of insurance from 90% to 100%
- changes to the eligibility of occupational pension schemes trustees to claim through the FSCS
- changes to make express reference to how the compensation rules apply where a successor firm is in default or to assist the FSCS in handling claims
CP15/40: Financial Services Compensation Scheme: changes to the Compensation sourcebook [PDF][1]
Who is this consultation aimed at?
You should read this consultation paper if you are:
- an authorised financial services firm
- a trade body representing authorised financial services firms
- a body representing consumers
- a person who has assumed responsibility for the liabilities of an authorised financial services firm.
It will also be of interest to consumers and consumer representatives because it proposes changes to the compensation arrangements available to them.
What are the next steps?
We want to know what you think of these proposals. Please respond to our questions using our online form[2] by 29 February 2016.
You can also email your answers to:
Or in writing to:
Douglas Greenshields
Strategy and Competition Division
Financial Conduct Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
We will consider your feedback and finalise our rule changes. We intend to publish our rules in a Policy Statement in Q2 2016.
Note: We make all responses to formal consultation available for public inspection unless the respondent requests otherwise. We will not regard a standard confidentiality statement in an email message as a request for non-disclosure.
Despite this, we may be asked to disclose a confidential response under the Freedom of Information Act 2000. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by the Information Commissioner and the Information Rights Tribunal.