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. The design and operation of the complaints scheme is a matter for the independent regulators, who are required by law to maintain that scheme. The Government acknowledges the challenges the FCA has faced in its handling of complaints in recent times, which the FCA itself recognises have seen its complaints handling performance fall short of expectations for some complainants. The Government notes the FCA’s improvement plans in this area, and the substantial investment it has made to deliver those plans. Further details are provided in the FCA’s response to the Complaints Commissioner’s Annual Report and Accounts 2020/21. The Government will continue to monitor the delivery of those improvements.