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

Bain Capital in the lineup to buy Amber River – report

Bain Capital in the lineup to buy Amber River – report

Network put up for sale by current owner Penta Capital

Isabel Baxter
clock 18 September 2025 • 2 min read
True Potential WM posts £243m operating loss for 2024 after client transfer Skilled Person review

True Potential WM posts £243m operating loss for 2024 after client transfer Skilled Person review

Exceptional costs of £250m

Sahar Nazir
clock 17 September 2025 • 4 min read
Walker Crips Financial Planning doubles down on boutique strategy as adviser hires drive growth

Walker Crips Financial Planning doubles down on boutique strategy as adviser hires drive growth

Adviser growth, not acquisitions, driving development

Sahar Nazir
clock 17 September 2025 • 2 min read