Context
The FSCS has published its Annual Report and Accounts 2021/22 and Class Statements 2021/22 which contains details of work the FSCS has completed during the year.
Key points to note
FSCS highlights of 2021/22 include:
- It is 21 years since the FSCS started providing customers with a compensation service that helps raise confidence in the financial services industry.
- 132,000 decisions made processing customer claims ad 108,838 customers helped to get their lives and businesses back on track.
- £584 million in compensation costs protecting consumers when authorised financial services firms fail.
- 45,227 regulated financial services firms funding the FSCS levy and enabling customer compensation.
- 66 financial services firms failed, meaning their customers could claim compensation from the FSCS.
- £643 million in levies raised and £16 million made in recoveries.
- 99% of complaints responded to within 20 days.
Next actions
None – for information and awareness.