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360 investment firms in default in 2000

The Investors Compensation Scheme, which this month became a subsidiary of the Financial Services Compensation Scheme, declared 360 firms in default in 2000, the second highest annual figure since its inception in 1988.

Since 1988 the ICS has paid out £238m to 19,300 consumers. The ICS will eventually be replaced by the FSCS.

FSCS chief executive Suzanne McCarthy says: “The ICS&#39s default figures show there is a sizeable workload of compensation claims to be investigated. As we progressively pull together all the existing compensation schemes into a one-stop shop, we will be able to offer consumers a single point of contact and a more streamlined service.”

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