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Personal Finance Society
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FCA CP16-42 on FSCS funding

PFS consultation response

The Personal Finance Society welcomes the review of FSCS funding and the implicit recognition within the consultation that the current system is unfair to Financial Adviser intermediaries.

We encourage the FCA to take this opportunity to broaden the parameters of the review, to help find a long term viable solution that addresses the fundamental issues of a growing pool of legacy risk, a growing number of potential claims being met by a reduced collective of contributors, driving some away from regulated activity and deterring new entrants to the market.

We encourage the FCA to consider the widest range of single or multiple solutions, including a consideration of the future role that professional indemnity insurance has to play and its interaction with the FSCS.

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