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Financial Services Compensation Scheme

Volume 486: debated on Thursday 22 January 2009

To ask the Chancellor of the Exchequer what recent representations he has received on the terms on which (a) banks and (b) building societies will contribute to the Financial Services Compensation Scheme levy; and if he will make a statement. (250372)

The Financial Services Compensation Scheme is an independent organisation set up under the Financial Services and Markets Act 2000. It is responsible for setting levies on firms within the rules and limits set by the Financial Services Authority. These rules also specify the levies that may be collected from each class of firm and the apportionment of levies between individual firms within each class.

Treasury Ministers and officials receive representations from a wide range of organisations and individuals in the public and private sectors as part of the process of policy development and delivery. As was the case with previous Administrations, it is not the Government's practice to provide details of all such representations.