FSCS publishes accounts and annual report 2018-19

Industry News | 28/06/19

The Financial Services Compensation Scheme has published its annual reports and accounts, providing a comprehensive account of its work during 2018/19. According to the report, 97% of claims in the year were submitted online, and customer satisfaction averaged 82% during the period. The FSCS also:
• tested its contingency planning to European Banking Authority (EBA) guidelines;
• paid £473m in compensation, and helped 425,760 customers;
• was funded by levies on 49,224 regulated firms;
• repaid all loans from HM Treasury, and recovered £4.7bn from Bradford & Bingley;
• recovered £26m from other estates; and
• paid 100% of depositors in failed credit unions with seven days (where information is available).