A2O FSCS claims avalanche begins with £2m payout

To date the industry-funded FSCS has paid out £1.9m to 39 claimants, with a further 376 claims still to be assessed. The FSCS said it has rejected 18 claims related to A2O so far. A spokesperson for the FSCS said at the moment claims are on target with what the scheme factored in for failures when it raised its last levy in April. However she refused to say how much had been factored in, or to rule out further the need for a further levy if this amount is breached. This week Financial Services Authority (FSA) fined two former directors of A2O, the adviser network which closed do...