FSCS reduced payouts by £188m in 2011/12
The Financial Services Compensation Scheme (FSCS) paid out £347m in compensation in the year 2011/2012.
This represents a 35% reduction from the £535m paid out in 2010/2011.
The scheme received 96,930 new claims in 2011/2012, up 145% from the 39,499 received in 2010/11, 84% of which related to payment protection insurance (PPI).
More than 67,000 of last year’s PPI claims related to one firm, Welcome Financial Services.
The number of claims completed by the FSCS increased by 83%, from 47,055 in 2010/2011, to 86,086 in 2011/2012.
The FSCS recovered £759m from the estates of failed firms, compared
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