FSCS begins payments after East West failure

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The Financial Services Compensation Scheme (FSCS) has started paying some creditors following the administration of building guarantee (BG) specialist East West Insurance Company.

The administrator report showed that FSCS funding for eligible BG claims increased from 90% to 100% from October 2020 following a Prudential Regulation policy statement.

This means compensation for eligible claims under the BG policies will be payable by FSCS at 100%.

Payments
The report showed: “The FSCS’s

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