FCA consults on FSCS changes

FCA is consulting on changes to FSCS rules and funding. It is considering introducing mandatory terms to make PII more effective for firms that FCA requires to hold it, and also exploring introducing new levy categories and updating consumer coverage limits in light of pensions freedoms, some aspects of fund management, debt management and structured deposit intermediation. Among the proposals are to introduce product provider contributions, change funding classes for the intermediation activities and make levies better reflect the risks of particular practices. It is also considering changes to reporting requirements, to the funding Lloyd’s provides and introducing the ability to ask firms to pay a proportion of the levy on account.  Consultation closes on 31 March 2017.

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