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The UK branches of foreign banks from the European Economic Area (EEA) have to specify that their customers are not covered by FSCS and clearly state which national scheme provides protection. On 14 January 2013 FSCS launched a consumer awareness programme, aiming to reassure consumers and boost confidence, thereby aiding financial stability.
Since October 2008 UK credit unions are covered by the Financial Services Compensation Scheme (FSCS), which protects savings in banks and similar institutions up to £85,000 (as of February 2017), covering about 98% of people; most members get their money back within a week.
From 1 April 2013, the Prudential Regulatory Authority, alongside the Financial Conduct Authority, replaced the Financial Services Authority. [14]In response to the onset of the COVID-19 pandemic in the United Kingdom in March 2020, the PRA sent a formal request to the seven largest British lenders to suspend dividends and share repurchases until the end of the year.
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The Financial Services and Markets Act 2000 (c. 8) is an act of the Parliament of the United Kingdom that created the Financial Services Authority (FSA) as a regulator for insurance, investment business and banking, and the Financial Ombudsman Service to resolve disputes as a free alternative to the courts.
The combined deposit repayment claims from retail Icesave customers in Netherlands and Great Britain (including both the minimum depositor guarantees, and the deposit values in excess of the Icelandic guarantee), were at first hand covered respectively by the UK Financial Services Compensation Scheme (FSCS) and by De Nederlandsche Bank (DNB ...
Specifically, the Act gave the Bank of England responsibility for financial stability, bringing together macro and micro prudential regulation, and created a new regulatory structure consisting of the Bank of England's Financial Policy Committee, the Prudential Regulation Authority and the Financial Conduct Authority. [6] [7]
FSCS may refer to: Financial Services Compensation Scheme; Future Scout and Calvary System, a joint British–American scout vehicle This page was last edited on 9 ...