Financial Conduct Authority rushes to minimise compensation for its failings
Industry News | 24/08/20
The City regulator has been accused by campaigners and its own complaints commissioner of rushing through a plan to minimise liability for its failings.
Before the publication of three independent reviews into its competence, the Financial Conduct Authority has proposed a cap on the compensation available from its complaints scheme.
A “truncated” eight-week consultation sets a cap of £10,000 for most compensation for financial losses arising from cases where FCA actions or oversights were the “sole or primary cause of the loss”.
Source: The Times
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