The Financial Services Compensation Scheme (FSCS) has released its first annual report as a single compensation scheme.
Its management costs were 23% less expensive than if the separate financial services compensation schemes had continued to operate.
The FSCS also mad a 26% saving on its projected budget for the period 1 December 2001, when it took on responsibility for compensation, and 31 March 2002.
The scheme has also launched a new website for details on how to claim compensation, the limits on compensation and the rules under which it operates.
Chief executive Suzanne McCarthy said it was vital all stakeholders know how the FSCS could help them.
The website also includes a database of firms declared to be "in default", which means they are likely to be unable to pay claims against themselves.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
