Zero GI insolvencies brings FSCS compensation down for 2022/23

Money

The Financial Services Compensation Scheme has reported that for the year ending 31 March 2023, it paid £163m in compensation for general insurance providers, £23m less than the year before.

The FSCS has attributed this reduction to the fact that there were no new insurance firm failures in 2022/23.

The report said: “There was also a £13m decrease in compensation costs for Chester Street

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Labour promises to rip up red tape for insurers

Tulip Siddiq, shadow economic secretary to HM Treasury, has promised if the Labour party gets into power she will make sure regulation encourages growth and competitiveness in the insurance industry.

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