FSCS spent nearly £400m on management expenses last year

Twisting fifty pound notes between hands until water is wrung out

The costs have been revealed in the government body’s financial results for last year which saw it deal with 39,499 new claims, an increase of 25%, and settled a total of 47,055 claims, double the number the previous year.

In Payment Protection Insurance (PPI), the FSCS saw a 20% increase in new claims and overall, the general insurance intermediation sub-class, received 8,201 new claims in 2010/11, up from 2,513 the previous year.

Compensation in this sub-class hit £35.8m in the last year on

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