Support for the Programme
Mark Hoban MP - Financial Secretary to the Treasury
"The awareness campaign is something extremely positive that we should all get behind."
Chris Leslie MP - Shadow Financial Secretary
“I welcome the FSCS awareness-raising programme – it is imperative that consumers are made aware of the protection the FSCS provides. The FSCS plays a vital role in consumer protection and confidence.”
Andrew Strange - Director of Policy, Association of Independent Financial Advisers (AIFA)
“AIFA is highly supportive of the Compensation Scheme and believes that a fund of last resort is crucial to consumers' trust and confidence in the financial services sector.”
Andrew Tyrie – Chairman of the Treasury Select Committee
“Deposit protection helps individuals; it can also contribute to financial stability, by increasing confidence. During the last Parliament the Treasury Committee, chaired by John McFall, noted that the scheme could only protect financial stability effectively if consumers were aware of it. I welcome this drive to improve public awareness of the FSCS, and hope it will result in the scheme being advertised in every bank branch, as the Committee recommended.”
ABI – (Association of British Insurers)
Director General of the ABI, Maggie Craig said:
“It is important that customers have full confidence in financial institutions, and know that their money is protected in the unlikely event that the company they bought a policy from, or started saving with gets into financial difficulty. Raising awareness of the Financial Services Compensation Scheme is a good way to reassure our customers and build trust in financial services.”
BIBA – (British Insurance Brokers Association)
Eric Galbraith, BIBA Chief Executive, said:
“BIBA supports the FSCS awareness programme. We believe that it will help to raise awareness of the protection that FSCS provides customers of UK financial services firms, which in turn contributes to confidence and financial stability.”
BBA – (British Bankers Association)
Angela Knight, Chief Executive of the BBA said:
“The British Bankers' Association believes it is important customers are confident in the banking system and understand there is a compensation scheme they can trust. The industry itself pays for the safety net and, in the unlikely event it is needed, our members are committed to making sure people get their money as swiftly as possible. We welcome the awareness campaign so people know their savings are safe and that the industry has a system in place to support them.”
BSA – (Building Society Association)
Director General of the BSA, Adrian Coles said:
"The BSA believes that the FSCS campaign will raise awareness of the financial protection provided to customers of UK financial services firms, and supports the campaign objectives.
We believe the existence of the compensation scheme is a huge reassurance to customers and is fundamental to financial stability. It’s important customers know what arrangements are in place and what limits apply to them."
IMA – (Investment Managers Association)
Guy Sears, IMA Wholesale Director said:
“The FSCS plays an important last resort role for UK investors and we welcome its campaign to improve awareness of the scheme. In the longer term, improving standards of selling across all investment-like products will be key to improving consumer confidence.”