Blog News

5% Increase Of FSCS Budget For 2022/23

5% Increase Of FSCS Budget For 2022/23

It has been stated on, that approximately 43% of all claims account for complex areas of claim, which would be an increase of 26% on 2021/22. Complex claims take longer to process, which therefore means specialist staff are a requirement to calculate such compensation owed.

An update released today (12th January 2022) the lifeboat fund have said that the annual budget to support such means will need £95.5 million pounds. This is an increase of 5% in running costs for the 2022/23 budget.

The budget is utilised mainly for pension-related claims, in conjunction with an array of financial products which has led clients to recover funds via the FSCS, if the defendant in question is no longer trading.

With a mis-selling financial case, there are a number of sources that require investigation in order to collate a proper review of the client’s case. Consequently, there can be multiple claims against multiple product types and defendants.

Managing this investigation is vital to ensure case handling with specialist staff are utilised to the best capabilities. The budget increase further supports this requirement and necessity moving forward due to the increase of claims brought forward to the FSCS.

High Street Solicitors utilised the FSCS on behalf of their client, the budget increase will only be a positive for our clients.