Access to Redress Schemes

I am interested to develop my hon. Friend’s thought about the Financial Conduct Authority. If I am able, I will speak at greater length about it later in the debate. It administers the Financial Services Compensation Scheme, which is a fund set up by levies on financial services companies themselves. It is the maladministration of the FCA or a lack of proper regulation that often leads to these claims being brought. Essentially, the people paying for the scheme have to do so because of the incompetence of the FCA.