The future of the Financial Services Compensation Scheme
To be held on Wednesday, September 19, 2018
Marshall Bailey (FSCS)
Mark Neale (FSCS)
Antony Elliot (Fairbanking Foundation)
Jane Fuller (CSFI)
PPI, endowments, pensions failures… the queue of out-of-pocket investors in need of redress rarely dwindles, and the stress of recovering savings and entitlements when firms fail can be severe. The FSCS exists to cover consumers (and small businesses) when financial firms fail, paying out some £400m p.a. to those in need.
That number has been growing, principally thanks to the FSCS’s responsibility for personal pensions – as auto-enrolment grows, so does the number of savers within the FSCS’s remit. Also growing is the complexity of the case load. In addition to covering deposits, insurance, personal pensions (and SIPPs), investments and endowments, the FSCS now has pensions drawdown advice to consider and may even take on funeral plans.
How can the FSCS communicate the breadth and complexity of the cover it provides to consumers? And how should it work with other authorities to encourage intervention before firms go bust, to minimise the drain they impose on savers and reputable firms?
To answer those questions (and any others you may have), we are pleased to welcome Marshall Bailey and Mark Neale.
Marshall is the new chairman of the FSCS, whose CV includes senior executive roles at RBC and State Street and non-exec positions with CIBC, Chubb, and UKFI. Mark is his CEO, who has lead the FSCS since 2010 following a number of senior positions in the Civil Service (most recently DG for Budget, Tax and Welfare at the Treasury).
But they won’t have things all their own way. Joining us to kick off the response will be:
- Antony Elliott, founder of the Fairbanking Foundation. Antony is the former group risk director of Abbey National, the author of numerous reports on financial capability, and holds an OBE for services to bank customers.
- Jane Fuller, co-director and pensions fellow of the CSFI. Jane is a member of the Audit and Assurance Council of the FRC and a Fellow of CFA Society, who spent 19 years at the FT (including a spell as Financial Editor).
So, come and share your thoughts/concerns/hopes. Let us know by emailing firstname.lastname@example.org or by phoning us on 020 7621 1056. As usual, there will be wine and sandwiches.