Financial Services Bill

Part of the debate – in a Public Bill Committee at 12:00 pm on 8 December 2009.

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Alex Kuczynski: Yes, a similar structure applies to FSCS. The directors are appointed on terms that secure their independence operationally from the FSA. Decision-making on claims for compensation is independent of the FSA but we do work closely with the FSA on issues of common interest. On the development of policy, there is a memorandum of understanding with the FSA. We do work closely with it but not in terms of making decisions for us.