Financial Services Compensation Scheme definition

Definition :

The Financial Services Compensation Scheme (FSCS) is the UK's statutory fund of last resort for customers of authorised financial services firms. The Financial Services Compensation Scheme (FSCS) can pay compensation if a firm is unable, or likely to be unable, to pay.

FSCS is an independent body, set up under the Financial Services and Markets Act 2000 (FSMA)

The Financial Services Compensation Scheme was set up under the Financial Services and Markets Act 2000. The scheme covers deposits, insurance policies, insurance brokering, investments, mortgages and mortgage arrangement.

The initiative also primarily addresses the way data is handled and managed. It is positioned supporting the importance of having confidence in your data. Data cleansing and suppression solutions will help financial institutions comply with this scheme.

Related information:

• Get up to speed with data quality news in the finance sector.
• Alternatively, read how financial organisations achieve data integrity and a single customer view, with Experian QAS, visit our QAS for Finance page.