Norton Rose Fulbright advises FSCS on £3 billion Revolving Credit Facility

Global law firm Norton Rose Fulbright has advised the Financial Services Compensation Scheme (FSCS) on a new £3 billion revolving credit facility financed by a syndicate of 14 leading banks.

FSCS is the UK's financial compensation scheme that protects customers of authorised financial services firms. It supports financial stability by giving consumers confidence, continuity and compensation for their savings, investments and insurance when authorised financial services firms fail.

In 2024/25, FSCS paid out £327 million in compensation to more than 32,600 customers. This new facility provides additional capacity to the FSCS to support its expanded scope of activity and responsibilities following implementation of the Bank Resolution (Recapitalisation) Act 2025 - a significant enhancement to the UK's resolution framework.

The Norton Rose Fulbright team was led by partners James Collis (banking and finance) and Matthew Gregory (financial services), with support from senior associate Colin Kwok (banking and finance) and counsel Joe Bamford (financial services). The wider deal team also included partners Mark Craggs (banking and finance) and Dominic Stuttaford (tax), associates Gerald Tan (banking and finance) and Amiya Doabia (tax), counsel Will Scott (tax), and trainee solicitor Chloe Gaisie (banking and finance).

James Collis said:

"This transaction demonstrates Norton Rose Fulbright's strength in advising on complex, high value banking transactions and our deep experience supporting clients as they address evolving regulatory considerations. It was a pleasure to work with FSCS on a facility of this scale and importance, which will support its expanded statutory responsibilities."

With more than 800 lawyers situated in the world's financial centres, Norton Rose Fulbright's global banking and finance team has one of the longest histories of any law firm in the field, advising major banks, finance providers, export credit agencies, corporate and sovereign entities and other participants in the global banking and finance arena.