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FSCS welcomes new FSA faster payout rules
Nov 27 2009, 09:42 AM
New faster payout guidance published by the Financial Services Authority (FSA) has been welcomed by the Financial Services Compensation Scheme (FSCS).
The requirements outlined by the regulatory body include the provision of assurances that single customer view (SCV) requirements and deadlines will both be met.
In addition, businesses' boards must provide the FSA with a report confirming the implementation of the SCV by January 31st 2011.
Commenting, Loretta Minghella, chief executive of the FSCS, which describes itself as the UK's statutory fund of last resort for those who are customers of authorised financial services providers, said that the FSA statement is the final set of FSA faster payout rules that are designed to benefit consumers.
"These new rules will make it much easier for the FSCS to respond quickly should a deposit taker fail. That is good news for consumers and will help to promote consumer confidence," Ms Minghella added.
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