Watchdogs Tell Lenders To Pay More Into Bankruptcy Fund
Law360, London (January 31, 2019, 5:13 PM GMT) -- Financial services regulators revealed on Thursday that they have told banks and insurers to pay £74.6 million ($97.9 million) to fund Britain’s bankruptcy compensation scheme for the coming year, a 2.4 percent hike compared with 2018.
The Financial Compensation Scheme’s management budget for April 2019 to March 2020 will be £79.6 million, the Financial Conduct Authority and the Prudential Regulation Authority said. Financial services companies must fork out £74.6 million to fund the lifeboat’s running costs, with £5 million coming from the scheme's reserves.
The FSCS pays customers and depositors compensation when financial institutions go bust. The statutory compensation scheme initially...
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