New broker regulator gets backing from FSCS
The Financial Services Compensation Scheme (FSCS) has put its weight behind the decision to make the body accountable to both the new Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA).
These two organisations will replace the current regulator, the Financial Services Authority in 2012.
Mark Neale, FSCS chief executive, said: “We welcome today’s announcement which we believe is good news for consumer compensation and are pleased that the Treasury has given the FSCS a dual accountability to the FCA and the PRA.
“This reflects the need for a single integrated compensation scheme for the highly integrated UK markets, and follows the views we expressed to the Treasury Select
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