The Financial Services Compensation Scheme (FSCS) has said that it has paid out £326 million in compensation to consumers in 2012/13.
In its annual report, FSCS said that it paid out £25 million in compensation to investors on Arch Cru; £29.6 million on MF Global, £16 million on WorldSpreads, £6.5 million on Pritchards, and £1.8 million on Keydata.
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FSCS claimed that it has aided more than 85,000 consumers during the year, protecting them when firms went bust.
FSCS added that it received 62,030 new claims in 2012/13, 36% less than the number of claims received during 2011/12.
Out of 62,030, the FSCS received 1,554 claims related to Arch Cru over the period and upheld 94% of them. Four in 10 of these claims originated from claims management companies.
The report added that the FSCS recovered £777 million from the estates of failed firms last year. Recoveries from the major banking failures of 2008/09 increased to £729 million, compared with £673 million last year.
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By GlobalDataThe FSCS said that it had settled a number of its court proceedings against a number of IFAs which sold Keydata products, but declined to disclose the terms of the settlements.
It added that short-term liquidity funding it provided to the Lifemark life settlement vehicle, which underpinned a series of Keydata investments, had been repaid after the sale of some assets.
But it added that expected returns would be approximately 14% of the capital invested.
