Compensation scheme has so far dealt with 600 claims

The Financial Services Compensation Scheme (FSCS) has paid out £483,000 relating to failed insurer Millburn.

Millburn was declared in default in December 2013, and since then the FSCS has dealt with approximately 600 claims.

The FSCS said the majority of these claims related to property damage.

Partners of Begbies Traynor Group were appointed as administrators by the compensation scheme when Millburn defaulted, and since then have been managing the run-off of claims against Millburn alongside the FSCS.

Millburn initially stopped writing new business voluntarily in September 2013 after a review by the Prudential Regulation Authority (PRA) before entering administration in December the same year.