§ Lord Laird asked Her Majesty's Government:
§ Who administers the Financial Services Compensation Scheme; and whether they have made a payment to a resident of Northern Ireland. [HL3364]
§ The Parliamentary Under-Secretary of State, Department for Culture, Media and Sport (Lord McIntosh of Haringey): The Financial Services Compensation Scheme was set up under the terms of the Financial Services and Markets Act 2000. The Financial Services Compensation Scheme is an independent body, although it is accountable to the Financial Services Authority.
§ The scheme is available to customers of financial services firms regulated in the UK, and compensation is payable to eligible claimants, nearly always respective of current residence. The scheme has paid compensation in respect of claims against failed financial services firms based in Northern Ireland, and to Northern Ireland residents.