Regulatory Alerts2017-10-30
Added · Updated
CP18/11: Reviewing the funding of the Financial Services Compensation Scheme (FSCS)
The Financial Conduct Authority finalizes rules merging the Life and Pensions Intermediation funding class with the Investment Intermediation class and moving pure protection intermediation to the General Insurance Distribution class. Product providers are required to contribute 25% of the funding requirement for the insurance, investment, and home finance intermediation funding classes, and all new funding classes except deposit acceptors will benefit from and contribute to the retail pool. The FSCS compensation limit for investment provision, investment intermediation, home finance intermediation, and debt management claims increases from £50,000 to £85,000, while the limit for long-term care insurance intermediation claims changes to 100% of the claim. Most final rules take effect on 1 April 2019, and the Authority proposes requiring Personal Investment Firms to hold Professional Indemnity Insurance policies that do not limit claims in cases of insolvency or third-party entitlement.
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