The Financial Services Compensation Scheme (FSCS), the safety net scheme for consumers, paid out £423m in compensation to customers during its 2023/24 year, £20m higher than the previous year.

The Financial Services Compensation Scheme, the government back financial safety-net scheme, has appointed a new interim CEO today but says a new permanent CEO will not be appointed until after April.

The chief executive of the Financial Services Compensation Scheme Caroline Rainbird has left the organisation after four years in the top job.

The Financial Services Compensation Scheme has cut its 2023/24 levy for the Life Distribution & Investment Intermediation class - which includes financial advisers -by £4.4m.