Tyrie pushes FCA on FSCS funding review

Andrew Tyrie Tory conf 2013.jpg

Treasury committee chair Andrew Tyrie has reprimanded FCA chief executive Andrew Bailey for failing to give an update on the Financial Services Compensation Scheme funding review.

In a letter dated 9 September, Tyrie asks what the scope of the review is and when it will be completed.

He says: “Last October the committee took evidence from Tracey McDermott, the acting chief executive of the FCA regarding the FSCS.

In a letter she said that the FCA would be undertaking a review of the FSCS, and would keep the committee updated when the review commences.”

Tyrie adds: “As I have not heard from her (or you) about this, I am writing to confirm that this work has begun. I would also be grateful to know its scope, and when it will be completed.”

The review was recommended in the Financial Advice Market Review. MPs plan to hear evidence on FAMR and the FSCS funding review in the autumn.

Industry meetings on the funding review have been ongoing since May. The FCA ruled out a product-based levy at an early meeting because it would require a change in legislation.