Investors Compensation Scheme - A compensation scheme for investors with operating rules set by the Financial Services Authority (FSA). This scheme was replaced by the Financial Services Compensation Scheme (FSCS) in December 2001.The FSCS may be able to assist private investors if the firm with whom an investment was made is fully authorised and has gone into default and cannot pay out claims. No compensation can be sought when investment values decrease as a result of market trends or inflation. The maximum amount claimable under the FSCS is £48,000 which comprises the first £30,000 in full and 90% of the next £20,000. Note: An authorised firm must have satisfied the FSA that it is "fit and proper" to conduct investment business. A list of authorised firms, known as the Central Register is maintained by the FSA. However members of Recognised Professional Bodies (RPBs) such as solicitors are not included in the ICS and operate their own compensation arrangements.
Investors Compensation Scheme : a compensation scheme for investors with operating rules set by the financial services authority (fsa). this scheme was replaced by the financial services compensation scheme (fscs) in december 2001.the fscs may be able to assist private investors if the firm with whom an investment was made is fully authorised and has gone into default and cannot pay out claims. no compensation can be sought when investment values decrease as a result of market trends or inflation. the maximum amount claimable under the fscs is £48,000 which comprises the first £30,000 in full and 90% of the next £20,000. note: an authorised firm must have satisfied the fsa that it is "fit and proper" to conduct investment business. a list of authorised firms, known as the central register is maintained by the fsa. however members of recognised professional bodies (rpbs) such as solicitors are not included in the ics and operate their own compensation arrangements.
Investors Compensation Scheme