17-411: FSCS may refer to: Financial Services Compensation Scheme Future Scout and Calvary System , a joint British–American scout vehicle Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with the title FSCS . If an internal link led you here, you may wish to change the link to point directly to
34-590: A levy on authorised financial services firms. The rules of the FSCS are made by the Financial Conduct Authority (FCA) and are contained in its handbook. The FSCS board of directors is appointed by and ultimately accountable to the FCA. It covers deposits , insurance, debt management, funeral plans, insurance, investments, pensions, mortgages and payment protection insurance to varying amounts. FSCS
51-851: A precondition for a healthy and successful economy. It will have close working relationships with other parts of the Bank, including the Financial Policy Committee and the Special Resolution Unit. The PRA's most significant supervisory decisions are taken by the Prudential Regulation Committee – comprising the Governor of the Bank of England , the Deputy Governor for Financial Stability, the Deputy Governor for Monetary Policy,
68-700: A way that avoids significant disruption to the supply of critical financial services. The chief executive of the PRA is also the Bank of England Deputy Governor for Prudential Regulation. The following is a list of chief executives since the PRA's inception: From 1 April 2013, the Prudential Regulatory Authority, alongside the Financial Conduct Authority , replaced the Financial Services Authority . In response to
85-404: Is a United Kingdom financial services regulatory body, formed as one of the successors to the Financial Services Authority (FSA). The authority is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. It sets standards and supervises financial institutions at the level of the individual firm. Although it
102-413: Is free for consumers to use and, since 2001, has helped more than 4.5 million people and paid out more than £26 billion. Since 31 December 2010, maintaining a single customer view has become mandatory for United Kingdom banks and other deposit takers due to rules it introduced. There is currently a review on whether to increase insurance coverage from the current 90% to 100%, in order to align it with
119-528: Is the UK's statutory compensation scheme for customers of UK authorised financial services firms. This means it can step in to pay compensation if a firm is unable, or likely to be unable, to pay claims against it. Compensation can be in any form and by any method it determines is appropriate. It is an operationally independent body, set up under the Financial Services and Markets Act 2000 and funded by
136-524: The Bank of England is operationally independent of the Government of the United Kingdom , the PRA is a quasi-governmental regulator, rather than an arm of the government per se . The PRA has its main offices at 20 Moorgate, near the Bank of England's central offices on Threadneedle Street . The PRA's role is defined in terms of two statutory objectives: to promote the safety and soundness of
153-417: The Deputy Governor for Markets & Banking, the chief executive officer of the PRA (and Deputy Governor for Prudential Regulation) and independent non-executive members. The PRA's approach to regulation and supervision has three characteristics: The PRA approach to supervision will not seek to operate a "zero-failure" regime. Rather, the PRA will seek to ensure that a financial firm which fails does so in
170-562: The deposits of customers of Bradford & Bingley . The compensation limits were last revised in 2010 to bring them into line with the EU (and EEA) deposit guarantee requirements under the European Union directive 94/19/E. On 31 August 2012 UK authorised banks, building societies and credit unions were required to display information about FSCS protection in branch and online, this included posters and window stickers. This action followed
187-552: The disclosure requirements and uses icons of protection to engage with the consumers and highlight the safety FSCS provides to savings and deposits. The FSCS is funded by levies on firms authorised by the Prudential Regulation Authority and the Financial Conduct Authority . FSCS's costs are made up of management expenses and compensation payments. The FSCS protects UK authorised banks, building societies and credit unions up to £85,000 per depositor in
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#1732775676887204-992: The event of their insolvency. If deposits or savings are in a joint account the total of FSCS protection doubles to £170,000. FSCS protection for deposits is free and automatic. If anything happens to your bank, building society or credit union, FSCS will automatically pay you compensation. In the vast majority of cases savings are refunded in less than 7 days. From 3 July 2015 some types of temporary high balances of up to £1,000,000 are protected for up to six months. (for claims against firms declared in default from 1 April 2019). (for claims against firms declared in default from 1 January 2010). (e.g. pensions, life assurance, home and travel) (for business conducted on or after 14 January 2005). (for claims against firms declared in default on or after 29 July 2022) (e.g. Whole of life assurance, Term life insurance and/or critical illness insurance) Prudential Regulation Authority (United Kingdom) The Prudential Regulation Authority ( PRA )
221-487: The firms it regulates and, specifically for insurers, to contribute to the securing of an appropriate degree of protection for policyholders (section 12 of the PRA Statement of Policy). In promoting safety and soundness, the PRA focuses primarily on the harm that firms can cause to the stability of the UK financial system. A stable financial system is one in which firms continue to provide critical financial services –
238-408: The intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=FSCS&oldid=1070798433 " Category : Disambiguation pages Hidden categories: Short description is different from Wikidata All article disambiguation pages All disambiguation pages Financial Services Compensation Scheme The Financial Services Compensation Scheme ( FSCS )
255-600: The introduction of new Financial Services Authority (FSA) rules obliging deposit takers to display information about FSCS protection available to consumers. The UK branches of foreign banks from the European Economic Area (EEA) have to specify that their customers are not covered by FSCS and clearly state which national scheme provides protection. On 14 January 2013 FSCS launched a consumer awareness programme, aiming to reassure consumers and boost confidence, thereby aiding financial stability. It follows on from
272-421: The rest of the protection regime. The FSCS came into existence in 2001 and replaced former multiple schemes. Between 2001 and 2006 the scheme paid out close to 1 billion pounds in compensation. In the period from 2006 to 2011 the financial crisis resulted in compensation of over 26 billion pounds being paid out by the FSCS. In 2008 the FSCS was given a loan by the Bank of England in order to be able to guarantee
289-480: Was initially structured as a limited company wholly owned by the Bank of England , the PRA's functions have now been taken over by the Bank and are exercised through the Prudential Regulation Committee. The company has since been liquidated . The PRA was created by the Financial Services Act 2012 and formally began operating alongside the new Financial Conduct Authority on 1 April 2013. As
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