The following Pensions guidance note Produced in partnership with Dentons provides comprehensive and up to date legal information covering:
This Practice Note looks at the Financial Services Compensation Scheme (FSCS) in the context of pensions. For further information and detail on the FSCS in general, see the following Practice Notes, which are subscription dependent:
The Financial Services Compensation Scheme
The payment or rejection of compensation under the Financial Services Compensation Scheme (FSCS)
Financial Services Compensation Scheme (FSCS)—the qualifying conditions for compensation
Financial Services Compensation Scheme (FSCS)—funding
Financial Services Compensation Scheme (FSCS)—automatic assignment or subrogation of rights
Financial Services Compensation Scheme (FSCS)—rejection of application and withdrawal of offer
The FSCS is the UK's statutory compensation fund for customers of most financial services firms authorised under the Financial Services and Markets Act 2000 (FSMA 2000). It came into force on 1 December 2001.
The FSCS technically consists of the rules establishing it (the Rules) that were originally made by the Financial Services Authority (FSA) and, after 1 April 2013, by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). These Rules as they apply to pensions are set out in the Compensation Handbook (COMP) and the Fees manual (FEES) of the FCA Handbook and the Policyholder Protection of the PRA Rulebook.
The FSCS has two main aims:
protecting consumers by providing compensation when regulated firms fail—the rationale is that individual investors, depositors and policyholders are not
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234