what is the main role of the financial services compensation scheme
Financial Services Compensation Scheme The Financial Services Compensation Scheme (FSCS) is the UKâ€™s statutory Deposit insurance and investors compensation scheme for customers of authorised financial services firms. This means that FSCS can pay compensation if a firm is unable, or likely to be unable, to pay claims against it. FSCS is an independent body, set up under the Financial Services and Markets Act 2000 (FSMA), and funded by a levy on "authorised financial services firms". The scheme covers deposits, insurance policies, insurance brokering, investments, mortgages and mortgage arrangement.
Flexible spending account The IIAS system references a master eligibility list of FSA eligible products at the point of sale. The Special Interest Group for IIAS Standards (SIG-IS) maintains this eligibility list and updates it on a monthly basis.