More than £54m recovered by FSCS from failed financial providers

Approximately £2m of the secured funds have been passed on as an additional recovery for customers who lost more than the FSCS compensation limit when their financial providers went out of business. FSCS compensation is typically limited to £85,000 per person, dependent on the product covered. The FSCS said these recoveries help to reduce the cost of compensation to the financial services industry, with the majority offsetting the cost of the FSCS levy. Research from the body among UK adults found that awareness of FSCS helped to raise confidence in financial services, with 88% of peo...