Insurance Age

Compensation Scheme to refund surplus

The Financial Services Compensation Scheme has announced its intention to refund a surplus of £42m to relevant firms in the general insurance contribution group A3 before the end of the financial year 2005/06. This is the result of significant recoveries made from general insurance estates and lower than anticipated compensation payments. It also confirmed that it was unlikely to need to raise a levy on this contribution group during 2006/07.

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