FSCS Achieves 132,000 Claims Decisions During 2021/22

The Financial Services Compensation Scheme (FSCS) helped more than 108,000 customers across the UK to get their lives and businesses back on track during 2021/22. FSCS either paid customers compensation or enabled them to transfer to a new financial provider for their investment or insurance policy.

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In its Annual Report and Accounts and Class Statements, FSCS outlines the vital work it carried out during the past financial year. Among the highlights in 2021/22:

• ​FSCS had its most productive operational performance year to date with approximately132,000 claims decisions being made - more than 108,000 of which resulted in either paying customers compensation or helping them transfer to a new investment or insurance policy.

• ​FSCS's total compensation costs were £584m.

• ​For the second year running, FSCS achieved record levels of customer satisfaction by achieving 89 per cent in one month and maintaining an 84 per cent average throughout the year.

• ​During this financial year, FSCS paid compensation to customers who had experienced losses from 1,614 different firms, 66 of which failed in 2021/22.

• ​In addition to its usual industry-funded work, FSCS delivered a compensation scheme on behalf of the UK Government, paying out more than £114m to approximately 9,000 London Capital & Finance bondholders within six months.

• FSCS recovered £16m from the estates of failed firms. Approximately £13m was used to offset levies and over £3m was passed on to customers whose claims were above compensation limits.

Caroline Rainbird, FSCS's Chief Executive, said:"I am pleased to report that for the second year in a row, we achieved record levels of customer satisfaction. Our customers are at the heart of everything we do and we are continuously striving to improve our customer experience."