Claim: Financial Services Compensation Scheme is set up under the FSMA and its rules are drafted by the Financial Conduct Authority.
Evidence: The FSCS is an operationally independent body, set up under the Financial Services and Markets Act 2000 (FSMA), and funded by a levy on authorised financial services firms. The Financial Services Compensation Scheme (FSCS) is the UK's statutory Deposit insurance and investors compensation scheme for customers of authorised financial services firms. The scheme rules of the FSCS are made by the Financial Conduct Authority (FCA) and are contained in the FCA's Handbook.