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FSCS paid over £1bn since 2001

The Financial Services Compensation Scheme has passed the billion pound mark in compensation paid to consumers, according to its annual report.

In 2007/08 the FSCS paid more than £82m in compensation, bringing the total amount of compensation paid since its inception in 2001 to more than £1.04bn.

The scheme made over 9,450 payments totaling £46m for insurance claims and completed close to 22,000 other claims.

FSCS says it received fewer claims overall during 2007/08 than originally projected, with mortgage endowment and pension review claims continuing on a downward trend.

The scheme adds that following this reduction in the volume of claims, it was able to contain costs and ended the year under budget by £6m.

FSCS chief executive Loretta Minghella says 2007/08 was a year of challenges and achievements for FSCS.

She says: “Away from the spotlight on the banking sector, we were dealing with a diverse portfolio of compensation claims across the industry. Despite the demands of the turbulent environment, it was a year in which FSCS improved its service to consumers and contained costs for levy payers, reinforcing our commitment to being as efficient and effective as possible.

“We completed some of the most complex and longstanding claims on our books, while also processing new claims within our target times, all well under budget. That is good news for consumers and good news for the industry.”

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