The Financial Services Compensation Scheme (FSCS) has grown from modest beginnings in 2001 to help customers during historic events such as the 2008 banking crisis. Our experience mirrors that of the industry, government and regulators in adapting to change and overcoming difficulties. It’s one of learning and improving, of protecting customers while being accountable to the financial services industry.
FSCS is unique internationally in the scope and the range of its work. This gives us a critical mass of skills and expertise that we can bring to bear on failures across the industry. FSCS’s wide scope also results in a complex, exciting and ever-changing workload.
It is inherent in the FSCS’s role that we will always face new challenges and they are likely to be every bit as varied and demanding as those of our first 16 years! To meet these challenges we are clear that we will continue to support financial stability by protecting customers with maximum speed, continuity and convenience while achieving value for money for levy payers.
We’ll also continue to respond to rising customer expectations - last year we delivered our online claims portal. They also want us to pay compensation in a timely and efficient way and together that means improving efficiency and consistency across our end to end processes and developing new ways of working.