Question to the HM Treasury:

To ask the Chancellor of the Exchequer, how many and what proportion of appeals to the Financial Services Compensation Scheme have resulted in an over-turned decision.

The Financial Services Compensation Scheme (FSCS) is the UK’s compensation scheme of last resort and pays compensation to consumers when authorised financial firms fail. If a claimant is unhappy with the FSCS’s decision on their claim, they can launch an appeal which will be reviewed by someone independent of the original decision. The FSCS operates a 2-stage internal appeal process. In the financial year 2022-2023, the FSCS made just under 97,000 claims decisions, and 1,695 customers asked the FSCS to review its decisions. The FSCS does not publish data on the proportion of appeals that are upheld or rejected at each stage. Customers who are unhappy at the end of the FSCS’s internal appeal process have the option of seeking a Judicial Review of the FSCS’s decision on their claim.