FSCS reports surge in broker-related claims


The Financial Services Compensation Scheme (FSCS) has revealed that the cost of compensating customers of failed general insurance distribution firms increased by £10m in the year ended 31 March 2020.

The cost for the year was £21m, compared to £11m in the preceding year, according to the FSCS’s 2019/20 Annual Report and Class Statements.

FSCS highlighted that the main cost in the GI distribution class over the last few years has been related to payment protection insurance (PPI) claims.


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