FSCS broker compensation costs fall to £600,000
The total general insurance distribution compensation costs the Financial Services Compensation Scheme paid out dropped to £600,000 in the year ended 31 March 2024, from £2m the year prior.
The average compensation went down from £2,694 to £2,250 across the periods.
The FSCS received half the number of new claims in the broker class compared to 2022/23 with 314. It noted there were 276 claims upheld, falling from 623 the year before. The uphold rate held steady at 65% (68% in 2022/23).
RelatedFSCS broker pot compensation costs drop to £2m FSCS confirms zero levy for brokers in 2024/25 A small price to pay.No levies were raised for the general insurance distribution class as
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