Polluter pays: Three things for and against FCA plans

'Regulator is to be congratulated for grasping the nettle'

clock • 5 min read

Jonathan Newell gives a qualified welcome to the FCA’s ‘polluter pays’ redress proposals...

The Financial Conduct Authority's (FCA) recent announcement of a consultation on capital deduction for redress is a welcome move towards resolving the perennial problem of the Financial Services Compensation Scheme (FSCS) being overstretched paying out compensation emanating from collapsed poorly-managed or fraudulent advisory firms. For too long, well-run advice businesses have had to pay increasing FSCS levies to essentially bail out the end clients adversely affected by shut-down firms. It's well overdue to sort this out, and the regulator is to be congratulated for grasping the nettl...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Adviser / Broking

FCA warns of Rosemount clone

FCA warns of Rosemount clone

Fraudsters targeting individuals

Isabel Baxter
clock 11 November 2024 • 1 min read
COVER Protection and Health Summit 2024: Afternoon roundup

COVER Protection and Health Summit 2024: Afternoon roundup

Product updates and core skills

Cameron Roberts
clock 11 November 2024 • 4 min read
SBG acquires stake in New Homes Mortgage Services

SBG acquires stake in New Homes Mortgage Services

Undisclosed sum

Jaskeet Briah
clock 08 November 2024 • 1 min read