FSCS paid out £473m in compensation in 2018/19
A total of 371,000 premiums were returned following the collapse of unrated Danish provider Alpha.
The Financial Services Compensation Scheme (FSCS) has revealed that it paid a total of £473m in compensation to 425,760 customers of failed firms during 2018/19.
This is compared to the £405m the scheme paid out in compensation in the previous year.
In FSCS’s Annual Report and Accounts published today (27 June), it reported that it raised levies on 49,224 regulated financial services firms, with a total levy income of £517m, to fund the costs of compensation and of running the scheme.
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