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