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The UK Financial Services Authority (FSA) is introducing new rules for the Financial Services Compensation Scheme (FSCS) aimed at widening the scope for the number of people protected and requiring banks, building societies and credit unions to pay out compensation more quickly if an institution is deemed to be in default.
Consumers and small businesses will receive compensation within an ideal target of seven days, and with a maximum service level of period of 20 days, in compliance with the European Union’s new Deposit Guarantee Schemes Directive. The new rules will come into force on December 31, 2010.
