The Financial Services Compensation Scheme (FSCS) and the Association of British Insurers (ABI) claim to have paid or sent acceptance documents to claimants' solicitors on 67% of outstanding Chester Street claims.
They also claim to have paid or sent acceptance documents on 74% of claims agreed since 1 March. The payments come to more than £3m. The figures were revealed at a meeting between the FSCS and Scottish Secretary of State Helen Liddell. It was announced the FSCS, the ABI, Iron Trades Management Services and the Chester Street scheme administrators had agreed a service standard to ensure payments are made within 25 days of damages being agreed.