28
Accepted
The Government has taken a positive step by introducing the primary legislation necessary to establish...
Recommendation
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.
Government Response Summary
The Treasury is progressing work on LCF compensation scheme rules with the FSCS, which is committed to ensuring payments to eligible bondholders within six months of the Bill's Royal Assent.
Paragraph Reference
158
Government Response
Accepted
Government Response
Accepted
HM Government
Accepted
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.
Source
Committee
Treasury Committee
Report
Fourth Report - The Financial Conduct Authority’s Regulation of London Capital & Finance plc
24 Jun 2021
HC 149
Addressee Bodies
HM Treasury
Timeline
Recommendation age
5.1 yrs
Report published
24 Jun 2021