Press releases

All recent press releases from FSCS are below, some of which are available to download as Adobe PDFs. To view Adobe PDFs, you may need to download Adobe Acrobat Reader first. Alternatively, a free copy of any of the press releases can be sent to you by post on request.

Press releases issued in 2024

17 April 2024 - Almost £2billion lost in retirement savings since 2019, with men most likely to claim, new data from FSCS shows
8 April 2024 - More than £54million recovered from failed financial providers in 2023/24, latest data from FSCS shows
15 February 2024 - FSCS confirms nine firms have been declared in default in December 2023 and January 2024
11 January 2024 - FSCS announces 2024/25 proposed management expenses budget of £103.1m

Press releases issued in 2023

6 December 2023 - FSCS confirms six firms were declared in default in October and November 2023
9 November 2023 - FSCS confirms unchanged 2023/24 levy of £270m and provides early indication of compensation and levy figures for 2024/25
19 October 2023 - If you received unsuitable advice about consolidating your pension, like George from Midlothian, FSCS can help
19 October 2023 - If you received unsuitable advice about consolidating your pension, like Karl from Peterborough, FSCS can help
19 October 2023 - If you received unsuitable advice about transferring your pension like Gill from Pewsey, FSCS can help
19 October 2023 - If you received unsuitable advice about transferring your pension, like Adrian from Wales, FSCS can help
17 October 2023 - Martyn Beauchamp joins the Financial Services Compensation Scheme as Interim CEO
10 October 2023 - FSCS confirms 12 firms have been declared in default in August and September 2023
27 September 2023 - Many young people in the UK believe their retirement will be better than their parents - so long as they can afford it
5 September 2023 - 6 Towns Credit Union Limited declared in default: FSCS to protect its 7,416 members
8 August 2023 - Hastings & Rother Credit Union Limited (trading as 1066 Community Bank) declared in default: FSCS to protect its 590 members
8 August 2023 - FSCS confirms seven firms have been declared in default in June and July 2023
18 July 2023 - FSCS publishes its 2022/23 Annual Report and Class Statements
30 June 2023 - Alyson Levett joins Financial Services Compensation Scheme (FSCS) Board
28 June 2023 - Around 19 million people aged 50+ in the UK are not considering annuities which provide a guaranteed regular retirement income
12 June 2023 - FSCS confirms four firms have been declared in default in April and May 2023
5 June 2023 - Caroline Rainbird departs FSCS
25 May 2023 - FSCS confirms latest 2023/24 levy forecast of £270m
17 May 2023 - New research from FSCS shows a trusted compensation scheme boosts consumer confidence in the UK financial services industry and contributes to financial stability
19 April 2023 - FSCS has confirmed that 17 firms have gone out of business in Feb & March, and it is accepting claims against them
15 March 2023 - FSCS consumer research shows one in four are taking more risks with their money due to rising costs of living
10 February 2023 - 13 firms have been declared in default by FSCS in December and January
31 January 2023 - Most UK adults don’t seek regulated financial advice, believing it to be “too expensive” and “for the wealthy”
12 January 2023 - FSCS announces 2023/24 annual management expenses budget of £99.8m
5 January 2023 - FSCS announces the eight law firms joining its new legal panel

Press releases issued in 2022

7 December 2022 - FSCS confirms 10 firms have been declared in default in October and November
24 November 2022 - FSCS confirms unchanged 2022/23 levy forecast of £625m and provides early indication of the 2023/24 levy.
15 November 2022 - FSCS is looking for customers of two firms under investigation to come forward
14 November 2022 - Don’t score an own goal with your pension warns FSCS - North east
14 November 2022 - Don’t score an own goal with your pension warns FSCS - North west
14 November 2022 - Don’t score an own goal with your pension warns FSCS - Midlands
6 October 2022 - FSCS confirms 7 firms have been declared in default in August and September
26 September 2022 - Birmingham Inner Circle Community Credit Union Limited declared in default: FSCS to protect its 2,360 members
14 September 2022 - Gloucestershire Credit Union Ltd declared in default: FSCS to protect its 1,417 members
6 September 2022 - FSCS Research - 2nd report published
9 August 2022 - FSCS confirms 5 firms have been declared in default in June and July
29 July 2022 - Funeral plans now protected by FSCS as the Financial Conduct Authority begins regulating the industry
28 July 2022 - FCA Consumer Duty: FSCS welcomes move to enhance consumer protections through a new Consumer Duty
7 July 2022 - FSCS publishes its 2021/22 Annual Report and Class Statements
4 July 2022 - New FSCS consumer research series begins with Pensions and SIPPs
9 June 2022 - FSCS declares 11 firms in default during April and May
26 May 2022 - FSCS confirms latest 2022/23 levy forecast of £625m and publishes report to support discussion on the future of financial services compensation in the UK
18 May 2022 - Rainbow Saver Anglia Credit Union Limited in Suffolk declared in default: FSCS to protect 463 remaining members
17 May 2022 - Brits not researching their investments because it’s "time-consuming" and "complicated"
5 May 2022 - North East Warrington Credit Union Limited declared in default: FSCS to protect its 1,182 members
27 April 2022 - City of Plymouth Credit Union Ltd in Devon declared in default: FSCS to protect 2,348 members
12 April 2022 - FSCS has confirmed five firms declared in default
22 February 2022 - Strathkelvin Credit Union Limited in the Glasgow area declared in default: FSCS to protect its 1,820 members
10 February 2022 - FSCS has confirmed that 12 firms have gone out of business
26 January 2022 - Consumers not checking their pensions
25 January 2022 - All Flintshire Credit Union Limited in North East Wales declared in default: FSCS to protect its 2,614 members
12 January 2022 - FSCS announces 2022/23 annual management expenses budget of £95.5m

Press releases issued in 2021

14 December 2021 - FSCS declares 16 firms in default in October and November
6 December 2021 - FSCS encourages discussion on the FCA’s Compensation Framework Review
30 November 2021 - FSCS receives more than 1,000 claims from former members of the British Steel Pension Scheme
22 November 2021 - MCE Insurance Company Ltd has failed
11 November 2021 - FSCS announces latest 2021/22 levy of £717m
18 October 2021 - FSCS declared 12 firms in default in August and September 2021
29 September 2021 - One in five retirees have fallen victim to financial scams
16 September 2021 - Barrow & District Credit Union Ltd declared in default: FSCS to protect its 1,200 members
14 September 2021 - FSCS named as Trailblazing Company of the Year for its commitment to diversity and inclusion
1 September 2021 - FSCS declared nine firms in default in June and July 2021
10 August 2021 - FSCS appoints new member to its Executive Team
15 July 2021 - FSCS welcomes the FCA's business plan for 2021-22
1 July 2021 - FSCS publishes its 2020/21 Annual Report and Class Statements
30 June 2021 - FSCS declared 10 firms in default in April and May 2021
7 June 2021 - FSCS declares Gefion Insurance A/S has failed
17 May 2021 - FSCS welcomes big step forward in preventing phoenixing
13 May 2021 - FSCS confirms latest 2021/22 levy forecast of £833m
28 April 2021 - One in five retirees have considered riskier products due to low-interest environment
21 April 2021 - FSCS declared 11 firms in default in March 2021
13 April 2021 - FSCS enables Reyker Securities plc clients to access their assets
31 March 2021 - Retirement: one of our most emotionally challenging milestones
4 March 2021 - FSCS declared 14 firms in default in January and February 2021
3 March 2021 - Pioneer Mutual Credit Union Ltd in Glasgow declared in default: FSCS to protect its 3,500 members
1 February 2021 - FSCS COO Jimmy Barber to leave the Scheme in Spring 2021
28 January 2021 - FSCS declares that Prometheus Insurance Company Ltd has failed
22 January 2021 - FSCS publishes 2021/22 Plan and Budget
08 January 2021 - FSCS declared 13 firms in default in November and December 2020

Press releases issued in 2020

25 November 2020 - FSCS forecasts latest levy position
24 November 2020 - Faifley Credit Union Ltd of Clydebank declared in default: FSCS to protect 95 members
19 November 2020 - FSCS and Serious Fraud Office to work together against fraud
9 November 2020 - FSCS declared 45 firms in default between May and October 2020
27 October 2020 - FSCS works to enable 11,500 Reyker Securities clients to have access to their assets
14 October 2020 - FSCS makes two appointments to its Executive Team
12 October 2020 - East West Insurance Company Ltd enters administration
4 August 2020 - FSCS Temporary High Balance coverage is extended from six to 12 months
29 July 2020 - FSCS adds further strength to its Board with three Non-Executive Director appointments
24 July 2020 - FSCS enables 18,000 SVS Securities clients to have access to their money and assets
9 July 2020 - FSCS publishes its 2019/20 Annual Report and Class Statements
2 July 2020 - FSCS confirms appointment of Fiona Kidy as Chief Financial Officer
21 May 2020 - FSCS announces its levy for 2020/21 at £649m
18 May 2020 - FSCS declared 12 firms in default in April 2020
5 May 2020 - FSCS to start issuing decisions on LCF advice claims by the end of May
30 April 2020 - FSCS declares 12 firms in default in March 2020
6 April 2020 - FSCS re-structuring welcomes new appointments & says farewell to Alex Kuczynski
31 March 2020 - FSCS continuing to review information relating to LCF advice claims
27 March 2020 - FSCS declares 15 firms in default in February 2020
19 March 2020 - FSCS comments on the London Capital & Finance court case
11 March 2020 - FSCS shortlisted in the CIM Marketing Excellence Awards
4 March 2020 - FSCS declares 30 firms in default between November and January
26 February 2020 - Claims against Midas Financial Solutions (Scotland) Ltd accepted
25 February 2020 - CBL Insurance Europe DAC has failed
17 February 2020 - FSCS paying first LCF claims
24 January 2020 - FSCS declares Quick-Sure insurance in default
24 January 2020 - FSCS clarification – July 2019 monthly defaults press release – Assura Protect Ltd
16 January 2020 - FSCS announces its annual Plan and Budget 2020/21
9 January 2020 - FSCS announces decisions on LCF claims

Press releases issued in 2019

16 December 2019 - North Airdrie Credit Union Ltd fails
11 December 2019 - Elite Insurance Company Ltd confirmed in administration
4 December 2019 - Mercat Cross and The Bruce Credit Union Ltd declared in default: FSCS to protect 126 members
29 November 2019 - FSCS ranked at 40 in The Inclusive Top 50 UK Employers List
22 November 2019 - FSCS scores a hat-trick across three national awards
21 November 2019 - FSCS declared 35 firms in default between Aug and Oct
18 November 2019 - FSCS reaches out to thousands of remaining Alpha latent defect policyholders
1 November 2019 - David Blackburn, FSCS Chief People Officer included in the OUTstanding LGBT+ Role Model Lists 2019
9 October 2019 - FSCS making plans to help Reyker Securities customers
2 October 2019 - FSCS declares Solent Credit Union in default
19 September 2019 - FSCS opens to claims against SIPP operator Berkeley Burke SIPP Administration Ltd
11 September 2019 - FSCS to compensate 5,500 members after East London Credit Union Ltd fails.
19 August 2019 - FSCS to compensate Alpha Insurance latent defect insurance policyholders
14 August 2019 - FSCS declares six firms in default in July
5 August 2019 - Update for customers of SVS Securities
29 July 2019 - Red Sands to provide replacement home insurance cover for LAMP policyholders
17 July 2019 - FSCS declares 11 firms in default in June
5 July 2019 - FSCS outlines its 2019/20 levy distribution
5 July 2019 - Two wins for FSCS at first Diversity in Finance Awards
28 June 2019 - FSCS investigations into LCF reveal protected claims that may result in compensation for some LCF investors
27 June 2019 - FSCS publishes 2018/19 Annual Report and Account and Annual Report and Class Statements
27 June 2019 - Richard Parkin appointed as a non-executive director to FSCS Board
14 June 2019 - FSCS declares The Lifetime SIPP Company Ltd in default
13 June 2019 - FSCS declares eight firms in default in May
12 June 2019 - FSCS now open to claims against SIPP operator GPC SIPP Ltd
10 June 2019 - Braniel Credit Union has failed
5 June 2019 - LAMP Insurance Company Ltd has failed
22 May 2019 - CFO Kathryn Sherratt departs
17 May 2019 - FSCS decares 21 firms in default between 1 February - 30 April
13 May 2019 - FSCS seeks to hire an inspirational partner to define its media channel, planning and buying strategy
10 May 2019 - FSCS launches email news updates and explores grounds for LCF compensation
3 May 2019 - FSCS joins regulatory partners to form a group on phoenixing
30 April 2019 - FSCS announces final levy for 2019/20 at £532m
15 April 2019 - Deadline further extended for CRL Management
15 April 2019 - Caroline Rainbird the new CEO of FSCS
11 April 2019 - Most people underestimate FSCS pension protection
10 April 2019 - FSCS ensures thousands of Qudos customers receive replacement insurance policies
9 April 2019 - Steelworkers get improved payout from FSCS
2 April 2019 - FSCS to offer additional time off for staff whose babies are born prematurely
1 April 2019 - FSCS extends its deadline to secure a better outcome for customers of CRL Management
1 April 2019 - Compensation limits change
25 March 2019 - £300m recovered over five years for levy payers
13 March 2019 - Outgoing FSCS Chief Executive calls for higher protection limits for a more limited range of products
21 February 2019 - FSCS declares eight firms in default
31 January 2019 - Supplementary levies for 2018/19
29 January 2019 - A further 750 Beaufort clients get money and assets back, courtesy of FSCS and PwC
23 January 2019 - FSCS appoints eight law firms to its legal panel
16 January 2019 - FSCS declares six firms in default
11 January 2019 - FSCS update on protecting Active Wealth customers

Press releases issued in 2018

21 December 2018 - FSCS declared three firms in default during October and November 2018
11 December 2018 - FSCS publishes research findings into consumer awareness.
14 November 2018 - FSCS publishes its strategy outlining its priorities for the 2020s
14 November 2018 - Another 3,000 Beaufort clients get money and assets back
7 November 2018 - Greater disclosure of FSCS protection by pension providers could unlock additional pension investment
5 November 2018 - Hundreds of Welsh Beaufort clients get money and assets back, courtesy of FSCS and PwC
25 October 2018 - FSCS declared five firms in default in September 2018
11 October 2018 - Mark Neale to step down as CEO
9 October 2018 - K&C Credit Union declared in default
2 October 2018 - Alpha Insurance motorists transferred to a new insurer via FSCS
25 September 2018 - Funds returned to thousands of Beaufort clients thanks to FSCS compensation
25 September 2018 - FSCS reflects 10 years after bank failures
20 September 2018 - FSCS declares failure of six firms
04 September 2018 - Harp Credit Union Limited declared in default
04 September 2018 - Dial-A-Cab Credit Union Limited declared in default
29 August 2018 - Loans and Savings Abertawe Credit Union (UK) Limited (trading as My Community Bank Wales) declared in default
22 August 2018 (pdf 0.5MB) - Consumers could be in line for compensation after FSCS declares nine firms in default
13 August 2018 (pdf 0.4MB) - Good news for policyholders who had Guaranteed Asset Protection (GAP) cover with Alpha Insurance
02 August 2018 (pdf 0.3MB) - Good news for Beaufort clients as plan approved for returning funds
30 July 2018 (pdf 0.3MB) - Polish Credit Union (UK) Limited declared in default
12 July 2018 (pdf 0.1MB) - Consumers could be in line for compensation after FSCS declares eight firms in default
09 July 2018 (pdf 0.3MB)- Shiremoor and District Credit Union Limited declared in default
28 June 2018 (pdf 0.4MB) - FSCS puts nearly 70,000 customers back on track in 2017/18
14 June 2018 (pdf 0.2MB) - Consumers could be in line for compensation after FSCS declares eight firms in default
07 June 2018 (pdf 0.3MB) - FSCS repays Bradford & Bingley loan
15 May 2018 (pdf 0.4MB) - FSCS awards strategic sole partner contract to Capita
11 May 2018 (pdf 0.1MB) - Consumers could be in line for compensation after FSCS declares eight firms in default
01 May 2018 (pdf 0.3MB)- FSCS announces its final levy for 2018/19 at £407m
16 April 2018 (pdf 0.1MB) - Consumers could be in line for compensation after FSCS declares 11 firms in default
20 March 2018 (pdf 0.1MB) - Protection scheme awareness alters how savers choose to fund retirement
15 March 2018 (pdf 0.1MB) - Consumers could be in line for compensation after FSCS declares 24 firms in default
22 February 2018 (pdf 0.1MB) - Fund managers due to get a major refund from FSCS recoveries
19 January 2018 (pdf 0.1MB) - FSCS declares three SIPP operator firms in default
19 January 2018 (pdf 0.1MB) - FSCS publishes its Plan and Budget 2018/19
12 January 2018 (pdf 0.2MB) - Consumers could be in line for compensation after FSCS declares 15 firms in default

To view press releases from earlier years, please contact our PR team. You'll find their details in the media centre.