The Financial Services Compensation Scheme (FSCS) has published its Annual Report and Accounts 2014/15.
Among the main facts and figures for 2014/15:
- the FSCS received 31,762 new claims from consumers during 2014/15, compared with 39,258 claims for the previous year;
- the average compensation pay outs for self-invested personal pensions related claims increased by around 50% to £16,375. In October 2014, the FSCS passed the £1bn mark for the total amount of compensation it has paid out to claimants of failed insurance firms since 2001;
- the total compensation in 2014/15 (excluding the major banking failures) was £327m, up from £243m in 2013/14; and
- the average compensation payment was £8,855 compared with £5,136 in 2013/14. Average payments for investment intermediation increased to £19,450 compared with £10,393 in 2013/14.
View FSCS annual report and accounts 2014/15, 16 July 2015