Legal Business

City comp scheme to create first panel

The Financial Services Compensation Scheme (FSCS), the UK’s statutory compensation scheme for customers of authorised financial services firms, is currently undergoing a tender process to create its first-ever legal panel.

The FSCS, which is funded by levies authorised by the Prudential Regulation Authority and the Financial Conduct Authority, handles the majority of claims in-house, but has in the past turned to James Roome’s restructuring team, now at Akin Gump Strauss Hauer & Feld, and litigators at Herbert Smith Freehills and Quinn Emanuel Urquhart & Sullivan.