FSCS pays out £7m in East West claims
Since East West Insurance Company went into administration the Financial Services Compensation Scheme has so far paid approaching £7m in valid claims costs.
East West, a building guarantee specialist, went bust in 2021 with a £164.7m deficit.
It originally called in administrators in 2020 and a Financial Conduct Authority announcement that October said the collapse was not due to coronavirus and added: “A Court of Appeal ruling adversely impacted East West’s book of UK building defect liability, which then affected the solvency position of the firm.
“This meant it was unable to pay its debts. Having explored the options available to East West, the
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