FSCS dealer compensation prices fall to £600,000 – Insurance coverage Age

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FSCS broker compensation costs fall to £600,000 - Insurance Age

The entire common insurance coverage distribution compensation prices the Monetary Companies Compensation Scheme paid out dropped to £600,000 within the 12 months ended 31 March 2024, from £2m the 12 months prior.

The typical compensation went down from £2,694 to £2,250 throughout the intervals.

The FSCS acquired half the variety of new claims within the dealer class in comparison with 2022/23 with 314. It famous there have been 276 claims upheld, falling from 623 the 12 months earlier than. The uphold price held regular at 65% (68% in 2022/23).

RelatedFSCS dealer pot compensation prices drop to £2m FSCS confirms zero levy for brokers in 2024/25 A small worth to pay. 

No levies had been raised for the final insurance coverage distribution class as

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