UK - The Financial Services Authority (FSA) has published the final rules for a Financial Services Compensation Scheme (FSCS) that will come into effect on December 1, 2001.
Once enforced, the scheme will fully replace eight existing arrangements that provide compensation if a firm collapses owing money to investors, depositors or policyholders.
The framework for the new scheme follows consultation with industry and consumer groups.
Currently transitional arrangements - the transfer of claims and funding from the different schemes into the FSCS - are being discussed so that the FSCS may pay compensation for activities before December 1, 2001.
The FSA is also consulting the limit to be set on FSCS management expenses from December 1, 2001 to March 31, 2002. Comments on this consultation should reach the FSA by October 4.
By Janet Du Chenne
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.