FSCS welcomes the Prime Minister and her new Government

The compensation framework that FSCS delivers plays an important role in underpinning the UK’s flourishing finance industry, giving many consumers the confidence to manage their money.  Last year alone we helped over 108,000 customers get back on track, whilst also recovering assets for levy payers and collaborating with the regulators to stop malpractice. However, it is clear that further action is required to address more of that harm and confront the bad actors that remain in the system – to the detriment of the vast majority. It is vital that the Government, the regulatory partners and the industry work in synergy to continue to explore ways to efficiently identify and tackle the root causes of this harm.

At a time of economic volatility and pressures on the cost-of-living, collectively, we must do all we can to protect the public’s money and ensure that our levy payers are not unfairly burdened. The law must keep up with the increasingly sophisticated techniques and technology used in scams and, to that end, we encourage swift progress to deliver the type of financial protections we, and others across the industry, have called for through the Online Safety Bill.

Equally, we are also conscious that in seeking to help propel the economy forward, changes are being planned to the regulatory landscape as part of the Financial Services and Markets Bill. We look forward to working together on the Bill to ensure it delivers for consumers and enables an ever-healthier environment for firms to operate and grow within.

As we look ahead, it is important that consumer protections form a key part of the Government’s policy agenda and FSCS will continue to work closely with them to support their effective delivery. We will also play our role in supporting the UK’s financial services industry by ensuring that the compensation framework gives confidence to consumers to invest with firms and by doing all we can to reduce the harm that ultimately drives up the levy.