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Financial Services Compensation Scheme

What is the Financial Services Compensation Scheme (FSCS)?

The Financial Services Compensation Scheme (FSCS) is the UK's statutory fund of last resort for customers of authorised financial services firms. The Financial Services Compensation Scheme (FSCS) can pay compensation if a firm is unable, or likely to be unable to pay.

FSCS is an independent body, set up under the Financial Services and Markets Act 2000 (FSMA).

The Financial Services Compensation Scheme was set up under the Financial Services and Markets Act 2000. The scheme covers deposits, insurance policies, insurance brokering, investments, mortgages and mortgage arrangements.

The initiative also primarily addresses the way data is handled and managed. It is positioned supporting the importance of having confidence in your data. Data cleansing and suppression solutions will help financial institutions comply with this scheme.

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