The Financial Services Compensation Scheme (FSCS) has published its annual report and accounts for 2008/09.
In his chairman’s statement, David Hall said:
"The FSCS has proven itself sufficiently robust to manage the extraordinary demands that have been placed on it in the last year across a widening remit. What has become clear, however, is the need to strengthen the Scheme in a number of ways. Public awareness of the Scheme’s role is too low, our operating model requires development and there are real concerns in the industry about how we are funded. At the same time the Banking Act 2009 is targeting much faster payout for customers of a failed deposit taking institution from 1 January 2011. We intend to work closely with the Tripartite authorities (HM Treasury, FSA and the Bank of England) on these issues in the coming year and welcome the proposed review of our governance and accountability arrangements and the proposed further re-examination of our funding announced in the White Paper on 8 July."
View FSCS Annual report and accounts 2008/09, 31 July 2009