Abstract

Abstract Part XV of the Financial Services and Markets Act 20001 requires the creation of 21.01 a compensation scheme for the financial services industry. The new Financial Services Compensation Scheme (‘FSCS’) is crucial to the statutory regulatory objective of consumer protection. The topic of ‘consumer compensation’ bears a potentially misleading name. As used by the Financial Services Authority (‘FSA’or ‘the Authority’) it does not extend to all claims for monetary redress following a grievance.

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