We welcome the opportunity to respond to this consultation paper on the FSA’sproposals to reform the Financial Services Compensation Scheme.
In our view the current proposals do not go far enough to provide adequate
consumer protection in a number of circumstances. The financial products
covered by the depositor protection sub-scheme are used by consumers to deal
with their basic financial needs and requirements. Current accounts are a
necessity for anybody who wants to participate in economic life and savings
accounts including cash ISAs are used by savers who are risk-averse.