Is the FSCS compensation of £50k government backed?

Dear Sir or Madam,

As the FSCS (the Financial Services Compensation Scheme) is a
limited company, is the minimum compensation of £50k they promise
to consumer investors if their bank goes bankrupt backed by
yourselves or any other government agency? If it is, can you please
tell me the act, statute or precedent of law where this is
confirmed ?

Yours faithfully,

Russell Watermam

Dear Enquiries, CEU,

Thank you. One of your staff members told me on the phone that if I
put this request in writing I would get a next day answer.

Please advise

Yours sincerely,

Russell Waterman

Your Ref: IRU/9/383

Dear responses, FOI,

Thank you for your reply. Unfortunately it does not seem to answer
my question. Maybe I should have used the term 'guaranteed' instead
of 'backed' by the government.

You said:
The Financial Services Compensation Scheme (FSCS)pays compensation
in accordance with the scheme rules, which are made by the
Financial Services Authority (FSA) under powers in the Financial
Services and Markets Act 2000 (FSMA).

The FSA is however also a limited company, so this is no guarantee
either it would seem.

You then said:
The Government has made clear that it stands behind the FSCS and
has taken steps to ensure that it has access to immediate liquidity
through borrowing from the public sector. FSMA includes provision
(section 223B - inserted by section 173 of the Banking Act 2009) to
allow for this to happen in the most efficient manner using
borrowing from the National Loans Fund.

Well section 223B states 'It also allows the FSA to make rules
relating to borrowing from the National Loans Fund' So another
limited company making the rules as to if and how public money
should be used to bail out an investor.

If the Government has made clear that it stands behind the FSCS as
you say above, where has the government clearly guaranteed this in
writing with legal force ?

Yours sincerely,

Russell Waterman

Dear responses, FOI,

I asked if and where there was a law stating that the government
promise to back the FSCS financially and again have only been
referred to documents saying the The Government stand behind the
FSCS.

I ask you for the third time now to answer this simple question.
The answer should be either yes stating the statute or act ect. or
no.

Yours sincerely,

Russell Waterman

Dear Sir or Madam,

Please pass this on to the person who conducts Freedom of
Information reviews.

I am writing to request an internal review of Her Majesty's
Treasury's handling of my FOI request 'Is the FSCS compensation of
£50k government backed?'.

A full history of my FOI request and all correspondence is
available on the Internet at this address:
http://www.whatdotheyknow.com/request/is...

Yours faithfully,

Russell Waterman