Financial Services Compensation Scheme panel re-appointments for Bristol firms

January 25, 2019

Two Bristol headquartered national law firms have been appointed by the Financial Services Compensation Scheme (FSCS) to its second legal panel.

Burges Salmon and Bevan Brittan will provide core legal services to the eight-firm panel, playing key roles in helping FSCS drive forward its strategic aims. 

Both were re-appointed – along with three other firms – having been on the first panel, following a rigorous six-month procurement exercise. The new panel will last for four years.

The FSCS protects customers of financial firms that have failed. Its mission is to provide a trusted compensation service for consumers that raises public confidence in the financial services industry. 

Since 2011, it has paid more than £60m to people who have made a claim, recovered £20bn from the 2008 bank failures and repaid all £20.5bn borrowed from HM Treasury that year. The FSCS is funded by financial services firms.

Burges Salmon financial services sector group head and client partner for FSCS, Kari McCormick, said: “Having been appointed to the first FSCS legal panel in 2015, we are delighted to have been reappointed to its second panel.  We look forward to continue working with the FSCS team to help them deliver their strategic priorities over the next few years.”

Bevan Brittan Litigation and Financial Regulatory team partner Virginia Cooper, who leads the relationship with FSCS, said: “We are extremely pleased to have been reappointed to the FSCS panel. We have a longstanding relationship with FSCS, which has developed further since our initial panel appointment and through our close work with the in-house legal team.

“Drawing on our extensive regulatory and financial services experience, we look forward to continuing to support FSCS in delivering its strategic priorities.”

FSCS general counsel James Darbyshire said: “We’re delighted to announce the successful procurement of our new legal panel. 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.” 

Also on the panel to provide core legal services are Addleshaw Goddard, Burness Paull, Clifford Chance, Dentons UKMEA and Eversheds Sutherland.

Addleshaw Goddard will also support the FSCS in Scots law and Trowers & Hamlins in human resources and employment advice.

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