FSA simplifies insurance safety net scheme
The Financial Services Authority (FSA) is to remove the current two-tier level of compensation for policyholders of failed insurance companies in favour of a more simplified system. Under the current rules, the Financial Services Compensation Scheme pays 100% of the first £2,000 on a claim for a non-compulsory class of business and 90% on the remainder of the claim. However, this will be replaced by a blanket 90% compensation rate on the total claim with no upper limit.
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