Compensation claims falling - FSCS

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Claims made to the Financial Services Compensation Scheme (FSCS) are falling, according to its annual report for 2007/8.

The FSCS says mortgage endowment and pension review claims – both major drivers of the scheme’s work in recent years – are on a downward trend, although mortgage endowment complaints remain the most numerous at over 7,400 claims. It adds it handled more than 22,000 claims during 2007/8 and, as a result of falling claims, was able to maintain its costs and fall £6m under budget. The FSCS says it paid more than £82m in compensation throughout the year, taking its total since its inauguration in 2001 to more than £1bn. Loretta Minghella, FSCS chief executive, says: “2007/08 was a year of ch...

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