FSCS spent nearly £400m on management expenses last year
The Financial Services Compensation Scheme (FSCS) spent nearly £400m on management expenses in the 2010/11 year as it took in nearly £1bn in levies and paid out over £535m in compensation.
The costs have been revealed in the government body’s financial results for last year which saw it deal with 39,499 new claims, an increase of 25%, and settled a total of 47,055 claims, double the number the previous year.
In Payment Protection Insurance (PPI), the FSCS saw a 20% increase in new claims and overall, the general insurance intermediation sub-class, received 8,201 new claims in 2010/11, up from 2,513 the previous year.
Compensation in this sub-class hit £35.8m in the last year on
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