FSCS contains costs, according to annual report
The Financial Services Compensation Scheme (FSCS) improved its service to consumers while cutting its costs during 2007/08, according to its annual report out today.
At the same time, the FSCS passed the billion pound mark in compensation paid to consumers. FSCS and the financial services industry faced enormous challenges in 2007/08, according to the report. It was a year in which the markets suffered their worst turmoil in recent years.
Despite this, FSCS made over 9,450 payments for insurance claims and completed close to 22,000 other claims, reduced waiting times for consumers and paid more than £82m in compensation. That brought the total amount of
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