In March 2012, the Financial Services Authority (FSA) published a consultation paper entitled 'Financial Services Compensation Scheme: changes to the Compensation sourcebook'. The paper set out the change to disclosure requirements for deposit takers, and facilitated discussions on insurance protection.
FSA Consultation Paper 12/7
The feedback to the consultation is set out by the FSA in PS 12/15. The Prudential Regulation Authority (PRA) received a range of useful feedback on the issues related to insurance protection, which will be used to inform future PRA policy developments, and so we have adopted this FSA policy material. We note that the regulatory landscape continues to evolve in this area and the wider programme of financial sector reforms under way at European and global level as well as domestically will need to be considered when developing any future policy changes.
FSA Policy Statement 12/15