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The MELL ensures that the Financial Services Compensation Scheme (FSCS) has suitable funding so that it is capable of exercising those functions conferred on it by Part XV of the Financial Services and Markets Act 2000 (FSMA). The MELL is consulted on annually.
This consultation is relevant to all authorised firms, but contains no material of direct relevance to retail financial services consumers or consumer groups upon which they might need to act. As costs may be passed on to consumers in the form of higher prices, consumers may indirectly meet a part of the FSCS levies. However, an efficient and adequately funded compensation scheme is beneficial to consumers.
Chapter 3 contains the Prudential Regulation Authority’s (PRA) and Financial Conduct Authority’s (FCA) analysis of the costs and benefits of the proposed rules (including the impact on mutual societies) as required by under FSMA, and a statement regarding the PRA’s and the FCA’s respective competition objectives.
It also contains the PRA’s and FCA ’s assessment of the compatibility of the proposed rules with the irrespective Statutory Objectives and Regulatory Principles as set out in FSMA and their duty to have due regard to the need to eliminate discrimination and to promote equality of opportunity in carrying out their policies, services and functions.
This consultation closes on Monday 15 February 2016.