Financial Compensation Scheme Turbo Charge

Financial Compensation Scheme Turbo Charge

The Financial Services Compensation Scheme, the scheme paid for by the financial industry, to compensate investors when a bank, building society, insurance company or investment firm goes into liquidation is to be speeded up.

Compensation levels current stand at £50,000 for Banks and Investment firms such as financial advisers and unlimited compensation for insurance companies.

Following its live ?test? when IceSave when under last year, the FSA has confirmed that plans are in place to ensure people receive compensation for any failed financial company within 20 days.

The move is designed to promote yet further confidence in the financial system in the UK.

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