FSCS broker pot pays out £7m compensation in 2021/22 after levies of £13m

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The Financial Services Compensation Scheme has revealed that the broker levy pot paid out £7m in compensation in 2021/22, less than half the £15m total in 2020/21.

Contributors to the general distribution class paid £13m in levies last financial year. The class also received a £4m contribution from general insurance providers as total levies reached £23.1m.

The main area of payout was £4m for customers of Strathearn Insurance Services. The broker failed in September 2019.

Payment protection insurance compensation was down year-on-year to £3m from £5m in the previous 12 months.

Overall the broker pot faced 7,368 new claims in 2021/22 and the FSCS upheld

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