FSCS reports surge in broker-related claims
Scheme says it has started paying out on new failures including to customers of Elite Insurance, Lamp Insurance, Quick-Sure Insurance and CBL Insurance.
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.
The
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