Commentary

9 Financial Services Compensation Scheme

BUILDING SOCIETIES vol 6(1)
| Commentary

9 Financial Services Compensation Scheme

| Commentary

9 Financial Services Compensation Scheme

The Building Societies Act 1986 contained provisions for a Building Societies Investor Protection Fund1, which was administered by a separate corporate body, the Building Societies Investor Protection Board2. Further, the Building Societies Act 1997 Section 32 conferred power on the Treasury, after appropriate consultation, to amalgamate the investor protection scheme with the deposit protection scheme established by the Banking Act 19793. Now, as part of the unification of the regulatory and supervisory arrangements prevailing in the financial services industry as a whole, a new investors’ compensation scheme, the Financial Services Compensation Scheme (FSCS), is established

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