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

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...