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FSA implements changes to simplify Financial Services Compensation Scheme

The Financial Services Authority (FSA) is to go ahead with proposed changes to the compensation limits for insurance business in the event of a firm failing, designed to achieve greater simplicity and consistency in the Financial Services Compensation Scheme (FSCS).

The changes from 1 January 2010 mean the compensation limit for all claims for non-compulsory insurance will be paid at 90%, with no upper limit.

Non-compulsory insurance provision (general and health and life insurance): protection for 90% of the claim, with no upper limit (currently 100% of the first £2,000 and 90% of the remainder, with no upper limit).

Mediation of non-compulsory general insurance and pure protection contracts (term, critical illness and income protection insurance): protection for 90% of the claim, with no upper limit (currently 100% of the first £2,000 and 90% of the remainder, with no upper limit).

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FSA implements changes to simplify Financial Services Compensation Scheme
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