The Financial Services Compensation Scheme (FSCS) paid out £535 million in compensation over the past 12 months.
It also claimed to have delivered faster payouts to depositors, according to its Annual Report and Accounts 2010/11 published today.
During 2010/11, the FSCS faced an increasing number of claims, including those for high profile failures such as Keydata Investment Services Limited (Keydata). It received close to 39,500 new claims from consumers, an increase of 25% on the previous year and decided more than twice the number of claims (more than 47,000) it did in 2009/10. There was an increase of 75% in the numbers of enquiries received, a total of 167,600.
The failure of Keydata continued to dominate the work of the FSCS during 2010/11. In total, the Scheme resolved more than 27,000 claims arising from the Keydata failure and paid out £214m to investors.
There was also a rise in the number of Payment Protection Insurance (PPI) claims, which accounted for just over 20% of new claims. And the FSCS expects to receive a continuing high volume of PPI claims in 2011/12.
Mark Neale, chiefexecutive, said: “During 2010/11 the Financial Services Compensation Scheme faced another challenging year of increasing claims volumes and maintained its focus on protecting consumers. We made substantial strides during the year in providing an even better service to consumers and the industry and will be building on this during 2011/12.
