FSCS broker pot compensation costs drop to £2m
The Financial Services Compensation Scheme paid out £2m in general insurance distribution compensation costs in the year ended 31 March 2023 – a £5m drop on the previous 12 months.
The pot in which brokers sit paid £5.3m in levies for the year.
The FSCS detailed that the fall in compensation costs came after no new firm failures.
Legacy failures, including Norton Insurance Services, which failed in 2012, and Strathearn Insurance Services which failed in 2019, accounted for more than 40% of the compensation paid.
The past year has been dominated by the rising cost-of-living [crisis]. In connection to this, there has been a greater focus on the protection FSCS and other
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