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<p>As with any new EU legislation, HM Treasury engaged in discussions with the European
Commission and other EU member states during the negotiation of the Deposit Guarantee
Schemes Directive, and following its adoption in order to manage the transposition
effectively. HM Treasury laid a statutory instrument to ensure that UK depositors
would not be exposed to a sudden reduction in the level of protection to which they
are entitled from the Financial Services Compensation Scheme (FSCS).</p><p> </p><p>
</p><p> </p><p>FSCS compensation is funded by levies on regulated financial services
firms, within a limit which is set by the Financial Conduct Authority and Prudential
Regulation Authority.</p><p> </p>
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