<Li> Mark Neale, Chief Executive </Li> <Tr> <Th> Website </Th> <Td> www.fscs.org.uk </Td> </Tr> <P> The Financial Services Compensation Scheme (FSCS) is the UK's statutory Deposit insurance and investors compensation scheme for customers of authorised financial services firms . This means that FSCS can pay compensation if a firm is unable, or likely to be unable, to pay claims against it . FSCS is an independent body, set up under the Financial Services and Markets Act 2000 (FSMA), and funded by a levy on "authorised financial services firms". The scheme covers deposits, insurance policies, insurance brokering, investments, mortgages and mortgage arrangement . </P> <P> FSCS is free to consumers and, since 2001, has helped more than 4.5 million people and paid out more than £ 26 billion . Since 31 December, 2010, maintaining a single customer view has become mandatory for United Kingdom banks and other deposit takers due to new rules introduced by the FSCS . </P>

What is the main role of the financial services compensation scheme