Source · Select Committees · Treasury Committee
Recommendation 28
28
Paragraph: 158
The Government has taken a positive step by introducing the primary legislation necessary to establish...
Conclusion
The Government has taken a positive step by introducing the primary legislation necessary to establish the LCF compensation scheme. If the Bill has a successful passage through Parliament, the Treasury should ensure a smooth running of the compensation scheme, without any further delays, making sure that eligible LCF bondholders are clear about the process, and can receive payment as soon as practicable.
Paragraph Reference:
158
Government Response
Not Addressed
HM Government
Not Addressed
The Treasury is progressing work on the LCF compensation scheme rules, in close collaboration with the Financial Services Compensation Scheme (FSCS) who will administer the scheme. The FSCS is committed to ensuring that payments are made to all eligible LCF bondholders within 6 months of securing Royal Assent of the Bill currently before Parliament. The Treasury is ensuring the Government scheme is coordinated with the administration process and the FCA complaints scheme, to the best extent possible.