The Financial Services Authority today published its Policy Statement on banking and compensation reform. The FSCS welcomes the changes and believes they will contribute to improving consumer confidence.
Among the changes contained in Policy Statement 09/11 – Banking and Compensation Reform are:
* a requirement on deposit takers to maintain a “single customer view” to give the FSCS the information it needs to achieve a faster payout in the event of a failure;
* simplifying the FSCS eligibility requirements for deposit claims;
* moving to gross payout to depositors; and
* new disclosure requirements on deposit takers to provide information about the FSCS to their customers.
See full Press Release
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