FSCS admits timing of larger failures affected 2023/24 upheld claims

‘Larger failures impacted the number of claims we were able to complete’

Isabel Baxter
clock • 1 min read

The Financial Services Compensation Scheme (FSCS) has said the timing of large failures impacted the number of claims it was able to complete in 2023/24.

In its May 2024 outlook posted on 23 May, the lifeboat fund admitted that in some classes, it upheld fewer claims than expected in 2023/24. "The timing of larger failures has also impacted the number of claims we were able to complete during 2023/24, hence our year-end figures," the FSCS said. It mentioned Rowanmoor Personal Pensions as an example, which was declared in default in December 2023 with more than 1,500 claims against it. The FSCS also noted that the amount of compensation paid on some claim types was also lower, "impacted by the broader economic conditions". It high...

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