£25m paid out in city

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ALMOST 2,000 people in Sheffield have received more than £25m over the last 10 years thanks to the Financial Service Compensation Scheme.

Over the last decade 2,528 financial organisations – including 2,000 financial advisers – have collapsed. And without the FSCS, consumers who invested in or through these firms would have lost their money, it is claimed.

In Sheffield 71 per cent of claims were upheld – some 1,986 out of 2,800 – with average payouts of £12,800.

The scheme covers depositors, insurance policyholders and investors.

A spokesman said: “Products covered by the FSCS are eligible for cover of up to £85,000. And paid back quickly too.”