Adviser compensation approaches £1bn mark

Carmen Reichman
clock

Compensation paid out by the Financial Services Compensation Scheme (FSCS) to customers of failed advice firms has so far totaled almost £1bn.

In a post published on 6 November the scheme said since its inception in 2001 it has paid out more than £975m to 165,000 clients of a total of 2,391 failed financial advice firms. Overall the FSCS helped 4.5 million people, paying out £26bn in compensation. Insurance accounted for more than £1bn. Chief executive Mark Neale said the scheme has reached a "major milestone" in insurance compensation. He said: "FSCS is there for consumers who have nowhere else to turn. Our message to people is simple: FSCS protects your insurance, investments and deposits. We're here for you." The FS...

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 Regulation

FCA enforcement to become 'assertive, proactive and intrusive'

FCA enforcement to become 'assertive, proactive and intrusive'

‘You can expect the regulator to take robust action where needed’

Isabel Baxter
clock 29 February 2024 • 2 min read
FCA: 'Huge opportunity for firms to shape the advice sector'

FCA: 'Huge opportunity for firms to shape the advice sector'

Kate Blatchford-Hick calls on firms to embrace the regulator’s proposals

Sahar Nazir
clock 09 February 2024 • 2 min read
New era for workplace pension governance as TPR overhauls practices

New era for workplace pension governance as TPR overhauls practices

The regulator’s long-awaited general code of practice has been published

Hope Coumbe
clock 11 January 2024 • 1 min read