The amount of compensation that the FSCS can award is complicated and varies depending on the product type.
As such, the links below are informative and provide for useful reference.
Guide to the Financial Services Compensation Scheme.
Link to the FSCS Products website. Use the menu on the left hand side to navigate to detailed information about different product types.
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For reference and for validating the information that must be provided in your disclosure documentation.
The FCA has announced a review of the 10% depreciation notifications requirement. This requirement came into being with MiFIDII in January 2018 and is intended to ensure that investors are kept informed in periods of extreme market volatility. The volatility in markets as a result of the pandemic in 2020 created a need for multiple […]
In February, the FCA published ‘Finalised guidance FG21/1: Guidance for firms on the fair treatment of vulnerable customers’. In launching the guidance paper, the FCA stated: “… 27.7 million adults in the UK now have characteristics of vulnerability such as poor health, experiencing negative life events, low financial resilience or low capability. Not all people […]
The significant increase in PII costs for firms providing investment advice in recent years and the difficulties for firms doing pension transfer business obtaining cover at any price for that type of business is well known. Issues with PII cover for GI or mortgage firms have been much more low profile. However, it seems that […]
FCA redress guidance has been updated as at March 2021 – this article explains the background as at the date of the Government’s announcement of the change and has now been updated with a follow up article which can be read here. The FCA has announced its intention to amend guidance for firms on how […]
FOS award limit to remain unchanged
Richard Foster Compliance 2019, 2020, 2021, complaints, FCA, FOS, PI
The FCA has made the following announcement about the FOS award limit. “When we increased the Financial Ombudsman Service’s award limit in April 2019 we said that each year, from 1 April 2020, we would adjust the award limits for complaints referred to the service on or after 1 April 2019 to ensure they keep […]