The Financial Services Compensation Scheme (FSCS) has recovered more than £54m from the estates of failed financial services providers in the year ending March 2024.
These recoveries help to reduce the cost of compensation to the financial services industry, with the majority offsetting the cost of the FSCS levy. Out of the funds, around £2m secured has been passed on as an additional recovery for customers who lost more than the FSCS compensation limit. The FSCS noted that research among UK adults has shown that awareness of FSCS helps raise confidence in financial services, with close to nine in ten (88%) people who are aware of FSCS saying they feel more confident taking out a product covered by the scheme. Additionally, it found that knowle...
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