FSCS hands out £262m for advice, pensions and investment claims

Lifeboat fund paid out £424m in compensation during 2023/24

Isabel Baxter
clock • 2 min read

The Financial Services Compensation Scheme (FSCS) has paid out £262m for financial advice, pensions and investments claims, according to its 2023/24 annual report.

Its annual report and accounts and class statements published today (30 July) showed that the lifeboat fund paid out a total of £423m in compensation during 2023/24. As well as the £262m for investments, pensions and financial advice, it paid out £160m for customers of failed insurers and £1m for deposits held with failed credit unions. FSCS recovers £54m from failed firms The report also showed that the FSCS recovered £54m from failed firms. The majority (approximately £52m) was used to offset FSCS levies for firms, the lifeboat fund said. The remaining £2m was passed on to custome...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Companies

Pave Finance CEO eyes UK ties, warns on private markets 'conflicts'

Pave Finance CEO eyes UK ties, warns on private markets 'conflicts'

Pave Finance CEO Chris Ainsworth

Sophia Panayi
clock 15 June 2026 • 3 min read
Cross-border financial planning firm launches for British expatriates

Cross-border financial planning firm launches for British expatriates

AAF Financial Planning Europe launches today

Sophia Panayi
clock 15 June 2026 • 1 min read
IFA Pension Pulse secures PE investment

IFA Pension Pulse secures PE investment

HGL Private Capital backs advice firm for undisclosed sum

Sophia Panayi
clock 12 June 2026 • 1 min read