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Financial Services Compensation Scheme

House of Lords written question – answered on 20th July 2011.

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Photo of Lord Teverson Lord Teverson Chair, EU Sub-Committee C - Foreign Affairs, Defence and Development Policy

To ask Her Majesty's Government what submissions they intend to make to the European Commission concerning the proposed Investor Compensation Schemes Directive; and when they expect the new Directive to take effect.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

As with all European directives, the Government have engaged closely with the European Commission, other European institutions and other member states on the investor compensation schemes directive.

Negotiations on the general approach to the investor compensation schemes directive are still ongoing and will continue into the autumn. The new directive will not take effect until final agreement is reached between the Council and European Parliament; it is not clear when this will be achieved.

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