| Link(s): | Annual Report 2023/24 | FSCS FSCS Annual Report and Accounts 2023/24 FSCS Class Statements 2023/24 |
Context
The FSCS is the UK’s compensation scheme for customers of authorised financial services providers and has published its Annual Report and Class Statements for 2023/24.
Key points to note and next actions
Some of the FSCS highlights for 2023/24 are:
- 8,158 new claims received
- 19,008 customers compensated
- £423m paid out in compensation
- £54m recovered from failing firms
- 84% customer satisfaction
Most compensation classes are showing a reduction in claims between 2022/23 and 2023/24:
- General Insurance Mediation has halved from 628 cases to 314
- Home Finance Intermediation has dropped from 289 cases to 139
- General Insurance Provision has almost halved from 38,136 cases to 20,669
- No Funeral Plan claims have been received since the FCA began regulating the sector