§ Mr. BattleTo ask the Chancellor of the Exchequer if self-insurance by companies is specifically excluded from the financial services compensation scheme; and if278W claimants can be denied fall back compensation granted from the financial services compensation scheme where the employer and insurer are insolvent. [15959]
§ Ruth KellyThe Financial Services Compensation Scheme (FSCS) is set up to provide compensation if an FSA regulated financial services firm—bank, building society, investment firm or insurer—collapses. The FSCS is funded by these firms. The FSCS does not, therefore, cover claims against insolvent employers who did not hold insurance with a regulated insurer.