UK Money News
24th January 2008
FSCS 'has brokered £1 billion in compensation'
The Financial Services Compensation Scheme (FSCS) has paid out more than £1 billion to customers of collapsed businesses since its foundation in 2001, it has emerged.
Under the terms of the FSCS's establishment, compensation is given to people who have lost out when their financial service provider "went down" and the organisation has described passing the £1 billion mark as a "significant milestone".
The FSCS has claimed that its activities, which are funded through the Financial Services Authority, have offered an avenue of progress for people who might otherwise had had no options and could have seen their trouble with money worsen.
"During the last six years, FSCS has worked hard to make sure that people got the compensation they were due," said Loretta Minghella, the FSCS' chief executive.
"The £1 billion that we have paid is money that consumers would have lost if it was not for FSCS," she added.
Meanwhile, recent research by Financial Services Consumer Panel found that most British consumers are resigned to receiving bad advice from professional personal finance experts.
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