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FSCS extends protection

The FSCS is the UK&#39s statutory fund of last resort for customers of financial services firms. This means that FSCS can pay compensation to consumers if a financial services firm is unable, or likely to be unable, to pay claims against it. This will usually be because it is insolvent. FSCS is an independent body, set up by law.

The service is free to consumers.

FSCS was set up under the terms of the Financial Services and Markets Act 2000 and became the UK&#39s single financial services compensation scheme from December 1 2001. There are limits to the amounts of compensation the Scheme can pay. For mortgage claims and for claims relating to advice and arranging of long-term care insurance products, the limit will be £48,000, 100% of the first £30,000 and 90% of the next

£20,000.

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CML warns consumers to check advisers are registered

Intermediaries must either be directly authorised by the FSA, or must be an appointed representative of an authorised firm, if they wish to continue submitting mortgage business to lenders from November 1. Applications through intermediaries registered with the Mortgage Code Compliance Board may continue to be made to lenders in October, even if the mortgage […]

FSA urges insurance industry to get a handle on regulation

Sarah Wilson , director of high street firms at the FSA, speaking at a CII conference, says: “There are those who are still trying to decide whether to become principal on the one-hand, or appointed representative on the other. “Some applications for principal status have revealed to us that firms have not understood the responsibilities […]

A View From The floor

Housing, debt and advice were all on the Liberal Democrats&#39 agenda at the party&#39s annual conference last week. The party&#39s shadow Chancellor Vincent Cable used his keynote conference address to attack the government, the Conservatives and to some extent the financial sector for fuelling what he called the debt bubble. “An orgy of debt-financed household […]

CML says price rises will slow

In its most recent market commentary, the CML accepts that there is evidence of a lull in the housing market. However, the trade body says it is too early to say if this is the start of a protracted slowdown and that monthly data can be volatile. CML also suggests that because so many commentators […]

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