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<br /> Financial Services Compensation Scheme<br /> Annual Report and Accounts 2011/12<br /> 2 | FSCS Annual Report and Accounts 2011/12<br /> How to contact us<br /> By phone on:<br /> • 0800 678 1100; or<br /> • 020 7741 4100<br /> Lines are open from 8.30am to 5.30pm<br /> (Mondays to Fridays)<br /> email: enquiries@fscs.org.uk<br /> online enquiry form<br /> or by post to:<br /> The Financial Services Compensation Scheme<br /> 10th Floor<br /> Beaufort House<br /> 15 St Botolph Street<br /> London<br /> EC3A 7QU<br /> FSCS Annual Report and Accounts 2011/12 | 3<br /> Contents<br /> 6<br /> 1: The Year<br /> in Summary<br /> 8<br /> 2: Chairman’s<br /> Statement<br /> 12<br /> 3: Chief Executive’s<br /> Report<br /> 16<br /> 4: Responding to<br /> Consumers<br /> 34<br /> 5: Raising Awareness<br /> of FSCS<br /> 40<br /> 6: Compensation,<br /> Recoveries and<br /> Management Expenses<br /> 58<br /> 7: Enhancing FSCS<br /> Capabilities<br /> <a title="FSCS_ARAC_2012_FINAL page 1" href="http://viewer.zmags.com/publication/215111e6?page=1"> Financial Services Compensation Scheme Annual Rep</a> <a title="FSCS_ARAC_2012_FINAL page 2" href="http://viewer.zmags.com/publication/215111e6?page=2"> 2 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 3" href="http://viewer.zmags.com/publication/215111e6?page=3"> FSCS Annual Report and Accounts 2011/12 | 3 Con</a> <a title="FSCS_ARAC_2012_FINAL page 4" href="http://viewer.zmags.com/publication/215111e6?page=4"> 4 | FSCS Annual Report and Accounts 2011/12 Our</a> <a title="FSCS_ARAC_2012_FINAL page 5" href="http://viewer.zmags.com/publication/215111e6?page=5"> Our Role, Mission and Aims | 5 Our ai</a> <a title="FSCS_ARAC_2012_FINAL page 6" href="http://viewer.zmags.com/publication/215111e6?page=6"> 6 | FSCS Annual Report and Accounts 2011/12 1 The</a> <a title="FSCS_ARAC_2012_FINAL page 7" href="http://viewer.zmags.com/publication/215111e6?page=7"> We received almost 97,000 new claims 58 Enhanci</a> <a title="FSCS_ARAC_2012_FINAL page 8" href="http://viewer.zmags.com/publication/215111e6?page=8"> 8 | FSCS Annual Report and Accounts 2011/12</a> <a title="FSCS_ARAC_2012_FINAL page 9" href="http://viewer.zmags.com/publication/215111e6?page=9"> 2 Chairman’s Statement Outgoing Chairman David H</a> <a title="FSCS_ARAC_2012_FINAL page 10" href="http://viewer.zmags.com/publication/215111e6?page=10"> 10 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 11" href="http://viewer.zmags.com/publication/215111e6?page=11"> David Hall CBE Chairman Authority (FSA) has in</a> <a title="FSCS_ARAC_2012_FINAL page 12" href="http://viewer.zmags.com/publication/215111e6?page=12"> 12 | FSCS Annual Report and Accounts 2011/12</a> <a title="FSCS_ARAC_2012_FINAL page 13" href="http://viewer.zmags.com/publication/215111e6?page=13"> 3 Chief Executive’s Report Chief Executive Mark </a> <a title="FSCS_ARAC_2012_FINAL page 14" href="http://viewer.zmags.com/publication/215111e6?page=14"> 14 | FSCS Annual Report and Accounts 2011/12 ‘ W</a> <a title="FSCS_ARAC_2012_FINAL page 15" href="http://viewer.zmags.com/publication/215111e6?page=15"> Section 3: Chief Executive’s Report | 15 O</a> <a title="FSCS_ARAC_2012_FINAL page 16" href="http://viewer.zmags.com/publication/215111e6?page=16"> 16 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 17" href="http://viewer.zmags.com/publication/215111e6?page=17"> We aim to respond quickly, efficiently and accura</a> <a title="FSCS_ARAC_2012_FINAL page 18" href="http://viewer.zmags.com/publication/215111e6?page=18"> 18 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 19" href="http://viewer.zmags.com/publication/215111e6?page=19"> Section 4: Responding to Consumers | 19 Wh</a> <a title="FSCS_ARAC_2012_FINAL page 20" href="http://viewer.zmags.com/publication/215111e6?page=20"> </a> <a title="FSCS_ARAC_2012_FINAL page 21" href="http://viewer.zmags.com/publication/215111e6?page=21"> Faster payouts The year 2011/12 was the first in </a> <a title="FSCS_ARAC_2012_FINAL page 22" href="http://viewer.zmags.com/publication/215111e6?page=22"> 22 | FSCS Annual Report and Accounts 2011/12</a> <a title="FSCS_ARAC_2012_FINAL page 23" href="http://viewer.zmags.com/publication/215111e6?page=23"> Section 4: Responding to Consumers | 23 Co</a> <a title="FSCS_ARAC_2012_FINAL page 24" href="http://viewer.zmags.com/publication/215111e6?page=24"> 24 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 25" href="http://viewer.zmags.com/publication/215111e6?page=25"> The Independent Investigator</a> <a title="FSCS_ARAC_2012_FINAL page 26" href="http://viewer.zmags.com/publication/215111e6?page=26"> 26 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 27" href="http://viewer.zmags.com/publication/215111e6?page=27"> Section 4: Responding to Consumers | 27 </a> <a title="FSCS_ARAC_2012_FINAL page 28" href="http://viewer.zmags.com/publication/215111e6?page=28"> 28 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 29" href="http://viewer.zmags.com/publication/215111e6?page=29"> Section 4: Responding to Consumers | 29 Wh</a> <a title="FSCS_ARAC_2012_FINAL page 30" href="http://viewer.zmags.com/publication/215111e6?page=30"> 30 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 31" href="http://viewer.zmags.com/publication/215111e6?page=31"> Section 4: Responding to Consumers | 31 Ca</a> <a title="FSCS_ARAC_2012_FINAL page 32" href="http://viewer.zmags.com/publication/215111e6?page=32"> 32 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 33" href="http://viewer.zmags.com/publication/215111e6?page=33"> Section 4: Responding to Consumers | 33 Cl</a> <a title="FSCS_ARAC_2012_FINAL page 34" href="http://viewer.zmags.com/publication/215111e6?page=34"> 34 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 35" href="http://viewer.zmags.com/publication/215111e6?page=35"> FSCS Annual Report and Accounts 2011/12 | 35 We a</a> <a title="FSCS_ARAC_2012_FINAL page 36" href="http://viewer.zmags.com/publication/215111e6?page=36"> 36 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 37" href="http://viewer.zmags.com/publication/215111e6?page=37"> E-learning – boosting awareness among frontline s</a> <a title="FSCS_ARAC_2012_FINAL page 38" href="http://viewer.zmags.com/publication/215111e6?page=38"> 38 | FSCS Annual Report and Accounts 2011/12 Med</a> <a title="FSCS_ARAC_2012_FINAL page 39" href="http://viewer.zmags.com/publication/215111e6?page=39"> Section 5: Raising Awareness of FSCS | 39 In a</a> <a title="FSCS_ARAC_2012_FINAL page 40" href="http://viewer.zmags.com/publication/215111e6?page=40"> 40 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 41" href="http://viewer.zmags.com/publication/215111e6?page=41"> We aim to ensure that FSCS operates as cost-effic</a> <a title="FSCS_ARAC_2012_FINAL page 42" href="http://viewer.zmags.com/publication/215111e6?page=42"> 42 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 43" href="http://viewer.zmags.com/publication/215111e6?page=43"> Section 6: Compensation, Recoveries and Managemen</a> <a title="FSCS_ARAC_2012_FINAL page 44" href="http://viewer.zmags.com/publication/215111e6?page=44"> 44 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 45" href="http://viewer.zmags.com/publication/215111e6?page=45"> Section 6: Compensation, Recoveries and Managemen</a> <a title="FSCS_ARAC_2012_FINAL page 46" href="http://viewer.zmags.com/publication/215111e6?page=46"> 46 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 47" href="http://viewer.zmags.com/publication/215111e6?page=47"> Section 6: Compensation, Recoveries and Managemen</a> <a title="FSCS_ARAC_2012_FINAL page 48" href="http://viewer.zmags.com/publication/215111e6?page=48"> 48 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 49" href="http://viewer.zmags.com/publication/215111e6?page=49"> Section 6: Compensation, Recoveries and Managemen</a> <a title="FSCS_ARAC_2012_FINAL page 50" href="http://viewer.zmags.com/publication/215111e6?page=50"> 50 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 51" href="http://viewer.zmags.com/publication/215111e6?page=51"> Section 6: Compensation, Recoveries and Managemen</a> <a title="FSCS_ARAC_2012_FINAL page 52" href="http://viewer.zmags.com/publication/215111e6?page=52"> 52 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 53" href="http://viewer.zmags.com/publication/215111e6?page=53"> Section 6: Compensation, Recoveries and Managemen</a> <a title="FSCS_ARAC_2012_FINAL page 54" href="http://viewer.zmags.com/publication/215111e6?page=54"> 54 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 55" href="http://viewer.zmags.com/publication/215111e6?page=55"> Section 6: Compensation, Recoveries and Managemen</a> <a title="FSCS_ARAC_2012_FINAL page 56" href="http://viewer.zmags.com/publication/215111e6?page=56"> 56 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 57" href="http://viewer.zmags.com/publication/215111e6?page=57"> Section 6: Compensation, Recoveries and Managemen</a> <a title="FSCS_ARAC_2012_FINAL page 58" href="http://viewer.zmags.com/publication/215111e6?page=58"> 58 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 59" href="http://viewer.zmags.com/publication/215111e6?page=59"> We aim to be ready to respond to defaults in the </a> <a title="FSCS_ARAC_2012_FINAL page 60" href="http://viewer.zmags.com/publication/215111e6?page=60"> 60 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 61" href="http://viewer.zmags.com/publication/215111e6?page=61"> Section 7: Enhancing FSCS Capabilities | 61 </a> <a title="FSCS_ARAC_2012_FINAL page 62" href="http://viewer.zmags.com/publication/215111e6?page=62"> 62 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 63" href="http://viewer.zmags.com/publication/215111e6?page=63"> Section 7: Enhancing FSCS Capabilities | 63 </a> <a title="FSCS_ARAC_2012_FINAL page 64" href="http://viewer.zmags.com/publication/215111e6?page=64"> 64 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 65" href="http://viewer.zmags.com/publication/215111e6?page=65"> Section 7: Enhancing FSCS Capabilities | 65 </a> <a title="FSCS_ARAC_2012_FINAL page 66" href="http://viewer.zmags.com/publication/215111e6?page=66"> 66 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 67" href="http://viewer.zmags.com/publication/215111e6?page=67"> Section 7: Enhancing FSCS Capabilities | 67 </a> <a title="FSCS_ARAC_2012_FINAL page 68" href="http://viewer.zmags.com/publication/215111e6?page=68"> 68 | FSCS Annual Report and Accounts 2011/12</a> <a title="FSCS_ARAC_2012_FINAL page 69" href="http://viewer.zmags.com/publication/215111e6?page=69"> 8 Our Governance FSCS is a non-profit-making ind</a> <a title="FSCS_ARAC_2012_FINAL page 70" href="http://viewer.zmags.com/publication/215111e6?page=70"> 70 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 71" href="http://viewer.zmags.com/publication/215111e6?page=71"> Section 8: Our Governance | 71 Philip Walla</a> <a title="FSCS_ARAC_2012_FINAL page 72" href="http://viewer.zmags.com/publication/215111e6?page=72"> 72 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 73" href="http://viewer.zmags.com/publication/215111e6?page=73"> Section 8: Our Governance | 73 FSCS organi</a> <a title="FSCS_ARAC_2012_FINAL page 74" href="http://viewer.zmags.com/publication/215111e6?page=74"> 74 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 75" href="http://viewer.zmags.com/publication/215111e6?page=75"> Section 8: Our Governance | 75 accounting </a> <a title="FSCS_ARAC_2012_FINAL page 76" href="http://viewer.zmags.com/publication/215111e6?page=76"> 76 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 77" href="http://viewer.zmags.com/publication/215111e6?page=77"> Section 8: Our Governance | 77 3. Operatio</a> <a title="FSCS_ARAC_2012_FINAL page 78" href="http://viewer.zmags.com/publication/215111e6?page=78"> 78 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 79" href="http://viewer.zmags.com/publication/215111e6?page=79"> Section 8: Our Governance | 79 Remuneratio</a> <a title="FSCS_ARAC_2012_FINAL page 80" href="http://viewer.zmags.com/publication/215111e6?page=80"> 80 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 81" href="http://viewer.zmags.com/publication/215111e6?page=81"> Section 8: Our Governance | 81 Attendance </a> <a title="FSCS_ARAC_2012_FINAL page 82" href="http://viewer.zmags.com/publication/215111e6?page=82"> 82 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 83" href="http://viewer.zmags.com/publication/215111e6?page=83"> Section 8: Our Governance | 83 carri</a> <a title="FSCS_ARAC_2012_FINAL page 84" href="http://viewer.zmags.com/publication/215111e6?page=84"> 84 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 85" href="http://viewer.zmags.com/publication/215111e6?page=85"> Section 8: Our Governance | 85 Directors’ r</a> <a title="FSCS_ARAC_2012_FINAL page 86" href="http://viewer.zmags.com/publication/215111e6?page=86"> 86 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 87" href="http://viewer.zmags.com/publication/215111e6?page=87"> </a> <a title="FSCS_ARAC_2012_FINAL page 88" href="http://viewer.zmags.com/publication/215111e6?page=88"> 88 | FSCS Annual Report and Accounts 2011/12</a> <a title="FSCS_ARAC_2012_FINAL page 89" href="http://viewer.zmags.com/publication/215111e6?page=89"> 9 Directors’ Report and Accounts The directors </a> <a title="FSCS_ARAC_2012_FINAL page 90" href="http://viewer.zmags.com/publication/215111e6?page=90"> 90 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 91" href="http://viewer.zmags.com/publication/215111e6?page=91"> Section 9: Directors’ Report and Accounts | 91 </a> <a title="FSCS_ARAC_2012_FINAL page 92" href="http://viewer.zmags.com/publication/215111e6?page=92"> 92 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 93" href="http://viewer.zmags.com/publication/215111e6?page=93"> Section 9: Directors’ Report and Accounts | 93 </a> <a title="FSCS_ARAC_2012_FINAL page 94" href="http://viewer.zmags.com/publication/215111e6?page=94"> 94 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 95" href="http://viewer.zmags.com/publication/215111e6?page=95"> Section 9: Directors’ Report and Accounts | 95 </a> <a title="FSCS_ARAC_2012_FINAL page 96" href="http://viewer.zmags.com/publication/215111e6?page=96"> 96 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 97" href="http://viewer.zmags.com/publication/215111e6?page=97"> Section 9: Directors’ Report and Accounts | 97 </a> <a title="FSCS_ARAC_2012_FINAL page 98" href="http://viewer.zmags.com/publication/215111e6?page=98"> 98 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 99" href="http://viewer.zmags.com/publication/215111e6?page=99"> Section 9: Directors’ Report and Accounts | 99 </a> <a title="FSCS_ARAC_2012_FINAL page 100" href="http://viewer.zmags.com/publication/215111e6?page=100"> 100 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 101" href="http://viewer.zmags.com/publication/215111e6?page=101"> Section 9: Directors’ Report and Accounts | 101 </a> <a title="FSCS_ARAC_2012_FINAL page 102" href="http://viewer.zmags.com/publication/215111e6?page=102"> 102 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 103" href="http://viewer.zmags.com/publication/215111e6?page=103"> Section 9: Directors’ Report and Accounts | 103 </a> <a title="FSCS_ARAC_2012_FINAL page 104" href="http://viewer.zmags.com/publication/215111e6?page=104"> 104 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 105" href="http://viewer.zmags.com/publication/215111e6?page=105"> Section 9: Directors’ Report and Accounts | 105 </a> <a title="FSCS_ARAC_2012_FINAL page 106" href="http://viewer.zmags.com/publication/215111e6?page=106"> 106 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 107" href="http://viewer.zmags.com/publication/215111e6?page=107"> Section 9: Directors’ Report and Accounts | 107 </a> <a title="FSCS_ARAC_2012_FINAL page 108" href="http://viewer.zmags.com/publication/215111e6?page=108"> 108 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 109" href="http://viewer.zmags.com/publication/215111e6?page=109"> Section 9: Directors’ Report and Accounts | 109 </a> <a title="FSCS_ARAC_2012_FINAL page 110" href="http://viewer.zmags.com/publication/215111e6?page=110"> 110 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 111" href="http://viewer.zmags.com/publication/215111e6?page=111"> Section 9: Directors’ Report and Accounts | 111 </a> <a title="FSCS_ARAC_2012_FINAL page 112" href="http://viewer.zmags.com/publication/215111e6?page=112"> 112 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 113" href="http://viewer.zmags.com/publication/215111e6?page=113"> Section 9: Directors’ Report and Accounts | 113 </a> <a title="FSCS_ARAC_2012_FINAL page 114" href="http://viewer.zmags.com/publication/215111e6?page=114"> 114 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 115" href="http://viewer.zmags.com/publication/215111e6?page=115"> Section 9: Directors’ Report and Accounts | 115 </a> <a title="FSCS_ARAC_2012_FINAL page 116" href="http://viewer.zmags.com/publication/215111e6?page=116"> 116 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 117" href="http://viewer.zmags.com/publication/215111e6?page=117"> Section 9: Directors’ Report and Accounts | 117 </a> <a title="FSCS_ARAC_2012_FINAL page 118" href="http://viewer.zmags.com/publication/215111e6?page=118"> 118 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 119" href="http://viewer.zmags.com/publication/215111e6?page=119"> Section 9: Directors’ Report and Accounts | 119 </a> <a title="FSCS_ARAC_2012_FINAL page 120" href="http://viewer.zmags.com/publication/215111e6?page=120"> 120 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 121" href="http://viewer.zmags.com/publication/215111e6?page=121"> Section 9: Directors’ Report and Accounts | 121 </a> <a title="FSCS_ARAC_2012_FINAL page 122" href="http://viewer.zmags.com/publication/215111e6?page=122"> 122 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 123" href="http://viewer.zmags.com/publication/215111e6?page=123"> Section 9: Directors’ Report and Accounts | 123 </a> <a title="FSCS_ARAC_2012_FINAL page 124" href="http://viewer.zmags.com/publication/215111e6?page=124"> 124 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 125" href="http://viewer.zmags.com/publication/215111e6?page=125"> Section 9: Directors’ Report and Accounts | 125 </a> <a title="FSCS_ARAC_2012_FINAL page 126" href="http://viewer.zmags.com/publication/215111e6?page=126"> 126 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 127" href="http://viewer.zmags.com/publication/215111e6?page=127"> Section 9: Directors’ Report and Accounts | 127 </a> <a title="FSCS_ARAC_2012_FINAL page 128" href="http://viewer.zmags.com/publication/215111e6?page=128"> 128 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 129" href="http://viewer.zmags.com/publication/215111e6?page=129"> Section 9: Directors’ Report and Accounts | 129 </a> <a title="FSCS_ARAC_2012_FINAL page 130" href="http://viewer.zmags.com/publication/215111e6?page=130"> 130 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 131" href="http://viewer.zmags.com/publication/215111e6?page=131"> Section 9: Directors’ Report and Accounts | 131 </a> <a title="FSCS_ARAC_2012_FINAL page 132" href="http://viewer.zmags.com/publication/215111e6?page=132"> 132 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 133" href="http://viewer.zmags.com/publication/215111e6?page=133"> Section 9: Directors’ Report and Accounts | 133 </a> <a title="FSCS_ARAC_2012_FINAL page 134" href="http://viewer.zmags.com/publication/215111e6?page=134"> 134 | FSCS Annual Report and Accounts 2011/12 </a> <a title="FSCS_ARAC_2012_FINAL page 135" 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