FSCS is processing claims 'quickly and efficiently'

This comes after the body said it would take a ‘more proactive approach’

Isabel Baxter
clock • 1 min read

The Financial Services Compensation Scheme (FSCS) has dealt with almost 100,000 claims in the last year, according to its latest annual report.

The lifeboat fund said it is processing claims as "quickly and efficiently as possible" as it has reported that 97,000 claims have been processed in 2022/2023. Meanwhile, the FSCS has paid compensation to customers who had experienced losses from 563 financial services firms, including 64 that it declared in default in 2022/23. It also said total compensation costs reached £403m during the period, with 432 firms having been reviewed. It compensated 67,908 people, families, and businesses. FSCS's customer satisfaction score increased from a 12-month average of 84% in 2021/22, to 86%...

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