Claims volume forces FSCS to exceed budget

A hammer about to smash a piggy bank

The scheme had budgeted for £32.7m but said it had exceeded this due to the higher than expected number of claims.

The FSCS has also gone £5.6m over budget in the re-haul of its IT system. Its report has shown that £18m has been spent on IT in 2010/11. The scheme said the investment would benefit other sectors by helping it to deal with a greater complexity and volatility of claims across financial services.

During 2010/11, the FSCS paid out £535m in compensation and received close to 39,500 new

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