Peter Vipond has commented on the FSA's Discussion Paper about the future of the Financial Services Compensation Scheme (FSCS).
Vipond, the ABI's director of financial regulation and taxation, said: “We welcome the discussion paper and the opportunity to consider proposals at an early stage. In general we do not see that our members should be obliged to provide a continuing cross-subsidy to intermediaries.
“Instead we would expect the FSA to address this problem through a mixture of how it defines contribution 'sub-classes' as well as a review of authorisation and financial resource rules. We look forward to working constructively with the FSA to this end.”
