Investors Compensation Scheme
Investors Compensation SchemeA 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.
Just CompensationJust Compensation
In condemnation the amount paid to the property owner. The theory is that in order to be "just," the property owner should be no richer or poorer than before the taking.
Full compensationFull compensation
Payment for delivery of goods to one party by buying back more than 100 % of the value that was originally sold.
Partial compensationPartial compensation
Incomplete payment for the delivery of goods to one party by buying back a certain amount of product from the same party.
Financial Services Compensation SchemeFinancial Services Compensation Scheme
The Financial Services Compensation Scheme is the sole financial compensatory scheme. It was set up by the Financial Services Authority (FSA) in December 2001, and replaced:Building Societies Investor Protection SchemeDeposit Protection SchemeFriendly Societies Protection SchemeInvestors Compensation SchemePIA Indemnity SchemePolicyholders Protection Boardhttp://www.fscs.org.uk
Fee and commission compensationFee and commission compensation
See: Fee-based compensation
Fee based compensation
Fee only compensation
Pensions Compensation Board