The Financial Services Compensation Scheme has appointed three new non-executive directors to the FSCS board, including a former Secretary of State and a former chief operating office at Aviva.

The FSCS paid over 258,000 customers who had suffered losses from 874 failed financial services firms in 2019/20, predominantly using levies from over 49,000 regulated firms.

The Financial Services Compensation Scheme (FSCS) has blamed potential claims from the London Capital & Finance (LCF) mini-bond scandal for an additional £44m cost in its £649m 2020/21 budget.

The Financial Services Compensation Scheme has warned that it will reject many claims relating to the failed £236m mini-bond firm London Capital & Finance (LCF).