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A Strengthened Financial Services Compensation Scheme Comes at a Price (Analyst Opinion)

Published by: Datamonitor

Published: Jan. 27, 2009 - 129 Pages


Table of Contents


DATAMONITOR OPINION
Catalyst
Summary
Comment
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Disclaimer

Abstract

Introduction

On 7th January 2009 the UK's Financial Services Authority (FSA) published a consultation paper calling for the substantial strengthening of the Financial Services Compensation Scheme (FSCS), which guarantees savings up to £50,000 ($76,225) in the event of a deposit taker (bank, building society or credit union) collapsing.

Scope
  • Assesses the impact of the FSA's proposed changes on the UK's financial institutions.
  • Applies particular focus to the implications on IT infrastructure.
Highlights

The financial crisis vividly exposed major shortcomings in the ad hoc reporting capabilities of all of the UK's financial institutions. Consequently, the FSA, HM Treasury and the Bank of England are united in their belief that significant improvements should be made to the FSCS.

The strengthened FSCS will have the ability to provide depositors with access to at least a proportion (as yet unspecified) of their savings within 7 calendar days from the date of failure/default of the institution in question. Unsurprisingly, this has far-reaching technological and financial implications.

Reasons to Purchase
  • Understand the impact of the FSA's proposals on the UK's financial institutions.
  • Gain insight into the IT infrastructure changes that institutions will need to perform in order to comply with the FSA's proposals.


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