The Financial Services Authority, UK (FSA's) Consultation Paper CP12/7 is entitled 'Financial Services
Compensation Scheme: changes to the Compensation sourcebook'.
The Financial Services Compensation Scheme (FSCS) is the UK’s statutory compensation scheme of last resort for customers of authorised financial institutions. It may pay compensation to eligible customers of a financial services firm if that firm is unable, or likely to be unable, to pay claims against it. The FSCS is funded by levies on authorised firms.
This Consultation Paper (CP) proposes changes to some of the rules in our Compensation sourcebook (COMP) that govern the operation of the FSCS. This follows the commitment in our Business Plan 2010/11 to review COMP, as part of our work to ensure the appropriate degree of protection for consumers.
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