The Financial Services Compensation Scheme received more than three times as many insurance intermediation claims last year than in the previous 12 months, new figures show.
Figures detailed in the FSCS’ annual report, published last week, shows that the number of GI intermediation claims increased from 2,513 in 2009/10 to 8,102 in 2010/11.
But of the total GI intermediation claims, all but 101 stem from complaints about payment protection insurance mis-selling.
The scheme decided 7,875 GI claims in 2010/11 compared to 1,831 in 2009/10.
PPI accounted for around 20% of new claims received by the scheme.
The report also shows that while the FSCS received £57m from its SBO2 general insurance intermediation levy, it paid out a total of £35.8m in claims.
And it shows that the FSCS exceeded its annual budget of £32.6m, spending £37m on running the organisation during 2010/11.
Overall, the FSCS paid £535.36m in claims, of which the investment intermediation sub-class accounted for more than half.
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