FSCS : Nic Cicutti: Calm before the compensation storm

'Back then, I wondered whether the long-awaited review of the FSCS, which has been meandering on a road to nowhere for almost three years, would be delayed further. Fund managers, having paid so heavily in 2011, might feel they were not liable for massive bills in the current year, reducing their ardour for reform.

Were they assisted in believing they might escape lightly this year? One cynic who wrote to me pointed out that “what people are missing is the way in which the FSCS has pushed CF Arch cru into the 2012-13 funding year to avoid breaching the £100m cap this year...'

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