London office advises FSCS on £1.45bn Revolving Credit Facility

Global law firm Norton Rose Fulbright has advised the Financial Services Compensation Scheme (FSCS) on the refinancing of its £1.45bn Revolving Credit Facility.

The new Facility supports the operational activities of the FSCS in the event of firm failure. It was financed by a syndicate of 15 banks and for the first time included a swingline component.

The FSCS is the UK statutory compensation fund for certain customers of failed banks, insurers, investment firms and certain other firms within the Prudential Regulation Authority’s and the Financial Conduct Authority’s regulatory remit. In 2022/23, it paid out £403m in compensation to 67,908 customers of failed firms.

The Norton Rose Fulbright team advising the FSCS on the Facility was led by Partners James Collis (Banking and Finance) and Matthew Gregory (Financial Services). It also included Partner Lesley Browning (Pensions), Associates Gerald Tan (Banking and Finance), Zoe Ng (Banking and Finance) and Victoria Pridmore (Financial Services), and trainee solicitor Alexander Roper.