FSCS annual report and accounts 2016/17: compensation costs total £375m

FSCS has published its annual report and accounts and annual report and class statements 2016/17, which set out its vision and strategy. The publications detail that FSCS paid out for over 37,000 claims 2016/17 in the sum of £375m.

The £375m included:

  • £52m for policyholders affected by the failures of Enterprise Insurance Company PLC and Gable Insurance AG, which FSCS describes as unexpected and presented new challenges because of the number of customers affected by the failures and because of the range of risks insured; and
  • £105m compensation to people who were wrongly advised to move their retirement savings into risky assets held in self-invested personal pensions.

In 2017/18 FSCS intends to continue to raise awareness of protection in the deposit taking sector and engage with international protections schemes. Also, FSCS is working with FCA to review responses to the consultation on the review of the funding of FSCS and will continue to promote the up-take of its digital service.