The Financial Services Compensation Scheme (FSCS) has appointed a legal panel of eight law firms amidst preparations for "increasing customer expectation" in the years ahead.
It is the compensation body’s second legal panel, to last for four years and cover core legal services, Scots law and human resources and employment advice.
Addleshaw Goddard, Bevan Brittan, Burges Salmon, Burness Paull, Clifford Chance, Dentons UKMEA, Eversheds Sutherland have been appointed to provide core legal services.
Addleshaw Goddard will also support the FSCS in Scots law and Trowers & Hamlins in human resources and employment advice.
The firms were appointed following a six-month procurement process, with five of the eight firms featuring on the previous FSCS legal panel and its first meeting scheduled to take place later this month.
James Darbyshire, general counsel at FSCS, said: "The number and quality of firms made for an exceptionally strong field and is testament both to the degree to which FSCS’s role is recognised and valued, and to the quality and impact of FSCS’s legal work.
"Against a backdrop of increasing customer expectation and a changing economic and regulatory landscape, I’m confident we’ve got the right mix of legal partners to help us deliver our strategic priorities in the years ahead."
In its strategy document published late last year, the FSCS set four strategic priorities for the years ahead which it said the newly appointed legal panel will play a key role in achieving.
In the document the FSCS said it must be able to protect consumers in a crisis or in the event of major failures to maintain public confidence and financial stability and ensure it is known and trusted for the protection it offers.
It also set out to promote the full range of FSCS protection as a trusted service and pledged to collaborate with regulatory and industry stakeholders to help prevent future failures in the industry and reduce compensation costs.
rachel.addison@ft.com
