outlook News from the Financial Services Compensation Scheme
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1 outlook News from the Financial Services Compensation Scheme Chairman s Statement By David Hall Welcome to this half year edition of Outlook. It is customary for us to update levy payers at this time on claims and costs for the first half of the year, against our forecasts on which the levy for was set and raised. We also take this opportunity to report on the latest developments affecting the FSCS. As you will see there is much continuing activity across the range of the FSCS s responsibilities. The FSCS has been in the regulatory and reform spotlight both in the UK and in Europe. The HM Treasury consultation in July raised the future position of the FSCS in the new regulatory framework that will create focused responsibilities for prudential regulation under the Prudential Regulatory Authority (PRA) and conduct and markets regulation under the Consumer Protection and Markets Authority (CPMA). The FSCS issued its response to the consultation in October. We look forward to working within the new framework and to ensuring the continuing provision of an efficient and effective compensation service which protects consumers and supports financial stability. We explained why it was important to this objective for the FSCS to retain its independence. It is an important assurance, both for consumers and for the industry, that we reach independent judgments about whether compensation should be awarded or not. It is also important for the FSCS to retain its critical mass as a single delivery organisation, whether delivering one scheme or several sectoral schemes. This has the advantage of a single point of contact for consumers and levy payers and promotes increased recognition and awareness of the FSCS. Resources can be combined, mobilised and redeployed as needed, resulting in economies of scale Mark Neale and I recently appeared before the Treasury Select Committee and made it clear that, in terms of our future governance, dual accountability to both CPMA and the PRA appeared to be most appropriate. Both the PRA and CPMA will have an operational interest in the FSCS. Accordingly, dual accountability will best deliver and promote the compensation function. The FSCS is also keen to build on the relationships developed during the banking crisis to entrench ourselves in contingency planning. These relationships need to be strengthened and formalised. In the Summer, The European Commission published a package of measures to reform depositor, investor and insurance policyholder protection. We have been busily carrying out the UK depositor protection reform programme for the end of year deadline, and have assisted the UK authorities on the responses to the Commission s proposals. We are also keen the Commission hears from schemes directly, and have worked with our European counterparts in dealing with the Commission. ALSO IN THIS ISSUE Chief Executive s summary Levy update Levy update Faster payout for deposits Consumer awareness European legislation update David Hall, Chairman Chairman s message Page 1
2 FSCS outlook Chief Executive s summary By Mark Neale This is my first contribution to Outlook as FSCS Chief Executive. I joined in May, so I wanted to take this opportunity to underline how seriously we take our obligation to account to levy payers both for the costs of compensation and for our own management expenses. Outlook is one way of discharging that accountability, but only one. We also want to maintain a regular dialogue with organisations representing levy payers alongside this regular bulletin. Keeping in touch through the year is vitally important in these challenging times. Please be assured that we do all we can to ensure the operation of the FSCS is efficient and delivers our statutory function at all times. One of the features of the FSCS s work is the unpredictability of the volumes, mix and complexity of the claims that come to us. This has been well illustrated in the last six months. We have seen a steady rise in the volume of PPI claims, although these are currently in line with the assumptions we made at the beginning of the year. Not so for claims in the investment area, which have significantly exceeded our expectations and look set to grow further. A major contributor here will be Keydata claims from Lifemark investors. Following detailed investigations, we are satisfied that many investors are likely to be eligible for compensation and we have invited investors to submit applications. Although at the time of writing, we have yet to quantify the scale of compensation, meeting these claims may require an additional interim levy in this financial year. We address this further on page 4 of Outlook. Handling the higher than expected volume of claims has also added to our management costs this year. As to deposits, we announced in March that our estimated levy to cover the interest costs on the Government s loans to the FSCS for the bank defaults of 2008 was 302.7m. However, we are now forecasting that this will be higher at 336.6m as a result of increases to the interest rate. We also continue to pay compensation for maturing fixed term deposits following the bank failures. These will be payable until Other than management expenses, our estimates do not include any provision for the costs of the Dunfermline Building Society. We expect to make a contribution to these costs under the Special Resolution Regime, but the amount and timing are uncertain. We shall give levy payers more information about the timing and scale of these costs as soon as they are clear. A summary of our forecast and budgeted levy in respect of the bank failures is in the table on page 5. We have also started to consult with HM Treasury on the arrangements for the re-payment of the loans for the bank defaults and will provide more information on this as soon as possible. Alongside handling day-to-day claims, we have been working closely with banks, building societies and credit unions to ensure that we can meet our statutory obligation to pay compensation faster from January A key element of this is our ability to validate Single Customer View files provided by firms. Some of the investments in our systems needed to deliver this have proved more costly than we expected and this has also added to our management costs this year. But we are well on the way to meeting our obligations, as the update on page 5 sets out. We are also engaged in raising awareness of the FSCS in order to promote consumer confidence in the financial services sector and so to underpin financial stability. We have been working with firms, trade associations and other industry stakeholders to prepare for the launch of our consumer awareness campaign in January to coincide with the coming into force of the higher compensation limit for deposits across the European Economic Area proposed to be set at 85,000 in the UK. You can read more about this campaign on page 6. If you have any feedback on Outlook, please us at publications@fscs.org.uk. The year to date: key trends The cost of claims in the Investment intermediation sub-class is likely to be higher than expected this year. Mark Neale, Chief Executive PPI claims have been a major driver of FSCS s work over the last six months but are in line with our assumptions. Chief Executive s summary Page 2
3 FSCS outlook Summary of claims for the half year (1 April 2010 to 30 September 2010) Sub-class claims received Plan & Budget assumptions for received claims in six months of claims completed Plan & Budget assumptions for claims expected to be completed in six months of compensation paid ( m) Deposits* 1,692 1,000 1,231 1, General Insurance Intermediation 3,615 3,700 2,650 3, Home Finance Intermediation Home Finance Provision Investment Fund Management Investment Intermediation 4,000 3,647 13,544 14, Life & Pensions Intermediation 1,681 1,506 1,614 1, Life & Pensions Provision Total 11,137 9,931 19,153 20, General Insurance Provision** N/A N/A N/A N/A *Figures exclude SDD s and Dunfermline Building Society **Insurance claims are usually handled by the appointed run-off agent and then presented to the FSCS for validation and payment Investment Intermediation payments for the half year (1 April 2010 to 30 September 2010) Defaults New Claims Claims Completed Compensation Paid ( m) Arc Capital DRL Keydata 1,239 12, NDF Wills & Co 1, Pacific Continental Square Mile Securities Other Total 4,000 13, Claims Page 3
4 FSCS outlook Levy Update We are committed to keeping levy payers up to date with our expectations of the costs required by the FSCS. The expected management expenses for the rest of this year are shown on page 5. Some of the increase in these costs is directly linked to the additional claims received by the FSCS, which increase the costs of outsourced claims handling. However, we will only need to raise an additional interim levy during if compensation costs increase. This year, we do not expect to need to consider an interim levy other than for general insurance intermediation or investment business. The level of PPI claims to date is broadly in accordance with our estimates. However this is an increasing area of activity and the level of claims is unpredictable. The recent judicial review issued against the FSA in respect of firms claims handling obligations also makes this area difficult to predict. Although for the time being we are not planning to raise an interim levy for these claims, this will be kept under review. By contrast, we do expect to need to raise an interim levy for the costs of investment claims, in particular from the defaults of Keydata and Wills & Co. How much we will need to raise and who pays will depend in part on the outcome of the judicial review of the FSCS s decision to attribute costs from the Keydata failure to the investment intermediation sub-class, not fund management. Following our review of the Keydata Lifemark product, we are now receiving high volumes of claims from these investors, many of whom may have eligible claims. Our approach will be to deal with claims in the normal course but, recognising the delays that investors have already suffered, we wish to settle these claims as soon as possible. We have already paid a large number of Keydata claims, for investors with claims in categories one and two. Claims defined as category one are Secure Income Bond issues 1, 2 and 3, which were issued by Luxembourg Company, SLS Capital S.A. Most of these bonds were sold as ISA compliant, despite not being so, and the assets in these funds have been misappropriated. Category two claims relate to tax liabilities that have arisen because investments were being sold as ISAs, but were not ISA compliant. Products in category two include the Secure Income Bond issue 4, the Secure Income Plan issues 1 to 12 and 14, the Defined Income Plan issues 1 to 8 and the Income Plan issues 1 to 12 and 14. The number of claims we have received in these two categories has continued to increase at a higher rate than expected. There is a real possibility that we may need to raise an additional amount to the 24m already levied for costs relating to Wills & Co and Lifemark. The amount needed is not yet clear but could be significant; indeed if it is raised on the investment intermediation sub-class, the annual cap of 100m may be exceeded, and so trigger a cross subsidy from the investment fund management sub class. We will keep firms up to date with these claims and costs and will publish further details with our plan and budget for 2011/12 early in the new year (if not before). When does the FSCS raise an interim levy? The decision to raise an interim levy has to be made taking into account the particular, unique, circumstances that are relevant at the time. Whilst it is not therefore possible to state categorically the circumstances that would give rise to an interim levy, the following guidance is relevant: FSCS will only raise an interim levy where it has reasonable grounds for believing that the funds available to it to meet relevant compensation costs or management expenses for the period until the next levy is due are, or will be, insufficient. We cannot levy in advance where there is not a reasonable expectation that we would have to deal with claims in a particular sector. Borrowing between sub-classes or using our commercial facilities is generally only utilised as a way of managing short term cash flow, or where the amount of the funding shortfall is considered to be too small to warrant an interim levy. We would not normally expect to raise an interim levy on any sub-class for an amount of less than 10m, and would give careful thought to amounts upwards to say 20m, especially if the compensation became due close to the end of the financial year. FSCS does not take levy decisions, either to trigger or otherwise affect the cross-subsidy. The key purpose of the levy is to safeguard sufficient funding for known or reasonably expected costs, applied as within the rules. Levy update Page 4
5 FSCS outlook Financial summary for the six months to 30 September 2010 Management expenses: m Budget m SDD* SDD* loan interest Other Compensation costs: SDD* N/A Other Recoveries received: SDD* N/A Other * SDD Specified Deposit Defaults (Bradford & Bingley plc, Kaupthing Singer & Friedlander Limited, Heritable Bank Plc, Landsbanki Islands hf (Icesave) and London Scottish Bank Plc) SDD loan interest is higher than budgeted as the budget assumed an interest rate of 1.54%, however the actual rate was higher (currently1.77%). Management expenses forecast for the full year Management expenses: Forecast m SDD* Budget m SDD* loan interest Continuing operations expenses Outsourcing costs Change programme (excluding Consumer awareness programme) Consumer awareness programme * SDD Specified Deposit Defaults (Bradford & Bingley plc, Kaupthing Singer & Friedlander Limited, Heritable Bank Plc, Landsbanki Islands hf (Icesave) and London Scottish Bank Plc) SDD loan interest is forecast to be higher than budgeted as the interest rate has increased since the budget was set. The increase in other management expenses is due to an increase in the amounts we need to spend to ensure the FSCS is ready to meet new regulatory requirements; including faster payout and single customer view. Update on payment protection insurance claims During the last six months, payment protection insurance (PPI) claims have continued to be a major driver of our work. So far this year we have received 3,600 claims. This is in line with our assumptions for the year. PPI is an unpredictable workstream for the FSCS and claim volumes could increase. We will keep firms informed of any developments. Update on payment protection insurance claims Page 5
6 FSCS outlook Faster payout for deposit taking firms The FSCS has been working closely with deposit taking firms in the industry to ensure that the Scheme is able to meet its new statutory responsibilities, following the FSA s policy statement on Banking and Compensation Reform. These reforms come into effect on 31 December 2010 and will require that the FSCS: is able to pay-out compensation claims in no more than 20 working days, but with a working target for most deposits of seven days, in the event of the failure of a deposit taking firm. undertakes a validation exercise for the Single Customer View (SCV) files of deposit takers subject to the electronic SCV requirements. This exercise is projected to take six months and must be completed by 31 July The FSCS will report the result of the assessment of each sample SCV to the FSA during this period. The reforms require that by 1 January 2011 deposit taking firms are able to provide an SCV file of all eligible claimants to the FSA and the FSCS to facilitate faster payout in the event of their failure. With the year end implementation deadline fast approaching, the FSCS programme of work to prepare for these changes is on track to deliver by the milestone dates. We have moved into the User Acceptance stage of our projects to re-engineer our deposit compensation process and the development of our Single Customer View Verification process. Arrangements are in hand to enable payment via a variety of methods. By the year end we will have concluded our preparations to enable bulk cheque payment as well as an over the counter payment solution via the Post Office. In addition we are also progressing our activity to establish an electronic payment mechanism for potential implementation next year. FSCS to launch consumer awareness campaign in January It is now three years since the run on Northern Rock signalled the start of the banking crisis and the dramatic fall in consumers confidence in financial services firms. The first run on a bank for 140 years led to an unprecedented period of uncertainty in the industry that, in turn, prompted a raft of proposals aimed at restoring confidence. Among those measures was the need to raise awareness of the FSCS so January sees the launch of the FSCS s first ever consumer awareness drive. The aim of the campaign is to make sure consumers know where to turn if a financial services provider goes bust. But in doing that, we ve been careful to strike a balance between reassuring people that the Scheme exists, prompting them to read up on the Scheme, and checking the limits that apply to their own circumstances. The campaign explains the sorts of products covered by the Scheme, but crucially encourages consumers to look out for signs in this case, the sign that their financial services product is within the FSCS s remit and check they re covered. Consumers can do that by visiting the FSCS website, or by contacting providers to make sure they are FSA-regulated and to ask about their coverage. The advertising campaign will run on TV, in national press, on posters and online, and will be supported by PR activity. To help providers prepare for calls from consumers the FSCS has prepared a toolkit of materials, which is available at The pack includes briefing documents and campaign assets, and other materials for providers to use in their own communications. Building public awareness and understanding of the FSCS and how it protects consumers money makes a vital contribution to consumer confidence, and in turn, financial stability. If you would like further information about the campaign or would like to play an active role in raising awareness, please consumerawareness@fscs.org.uk. Faster payout & consumer awareness Page 6
7 FSCS outlook Changes to the Deposit limit from 31 December 2010 The 2009 amendments to the Deposit Guarantee Scheme Directive (DGSD) will result in an increase to the limit for deposit protection across the European Economic Area (EEA)* to 100,000 from 31 December The Commission s impact assessment on the proposed increase reported: A fixed coverage level of is the optimal solution in terms of effectiveness and cost efficiency. It would substantially improve deposit protection without disproportionately increasing the costs for banks and depositors. Consequently, the current mechanism of increasing coverage to a fixed level of 100,000 is appropriate. Non-Eurozone countries were given the option of converting the limit into their own currency on the following basis: Member States who convert the amounts expressed in euro into their national currency shall initially use in the conversion the exchange rate prevailing on the date of entry into force of this Directive. Member States may round off the amounts resulting from the conversion, provided that such rounding off does not exceed 2,500. In order to ensure the UK complies with the above Directive requirement the FSA published its proposals for an increase to the FSCS deposit compensation limit in CP10/22: Quarterly Consultation No.26. The FSA proposal is for a sterling limit of 85,000 to take effect from 31 December Consumer disclosure requirements Since 1 January 2010, deposit takers have been required to make prescribed disclosures about FSCS compensation limits upon account opening and on a six-monthly basis. As a result of the increase to the compensation limit, firms will need to ensure that, from 31 December 2010, disclosures reflect the correct compensation limit. ICD & IGSD proposals The European Commission is currently consulting on amending the Investor Compensation Scheme Directive (ICD) and introducing an Insurance Guarantee Scheme Directive (IGSD). Plans for an IGSD are still in the early stages. The UK has the broadest compensation cover for insurance in Europe, and many member states don t provide any cover at all. The FSCS is working with the FSA and the European Commission on this issue. The European Commission has been consulting on amending the ICD to harmonise the protection investors have in Europe in the event of an investment firm s inability to repay money or return assets. The Commission has already asked for member states views on a draft directive. The Commission has suggested a fixed limit of 50,000 across Europe. The final compensation limit has not yet been agreed. The FSCS does not want to see the current UK limit of 50,000 for investment protection reduced. As with the DGSD, the Commission favours pre-funding and risk based levies. We await the Commission s next announcements, and will update the industry with any information as soon as we can. *EU Member States plus Norway, Iceland and Liechtenstein Changes to the deposit limit Page 7
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