FSCS spent nearly £400m on management expenses last year

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The Financial Services Compensation Scheme (FSCS) spent nearly £400m on management expenses in the 2010/11 year as it took in nearly £1bn in levies and paid out over £535m in compensation.

The costs have been revealed in the government body’s financial results for last year which saw it deal with 39,499 new claims, an increase of 25%, and settled a total of 47,055 claims, double the number...

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