Annual Report 2023/24

Welcome to our 2023/24 Annual Report and Accounts which details our work over the past financial year to help people get their lives back on track. In total, we paid out £423m in compensation to customers including: 

• £262m for FSCS’s claims service, for example investments, pensions and financial advice claims;
• £160m for customers of failed insurers; and 
• £1m for deposits held with failed credit unions. 
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We also recovered £54m from failed firms, with the majority (£52m) used to offset FSCS levies for firms.

Alongside this report, we’ve published our 2023/24 Class Statements. This document summarises the source of our levies and how we used these funds.