The Financial Services Compensation Scheme has paid out just over £38.1m in compensation to LCF customers, a substantial increase from the £20m paid out by August when the body increased the team allocated to the case by nearly 80%.

Some 45% of PIMFA member firms have reported increases in their FSCS levy bill of more than 100% in the last five years, a survey for the wealth manager trade body has revealed.

The Financial Services Compensation Scheme has launched a campaign to encourage more savers to ask financial advisers and providers more questions about how their money is protected.

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.