The UK Financial Services Compensation Scheme (FSCS) has awarded the contract for its core claims service to PwC.
Between now and the current claims handling contracts ending on 31 March 2025, FSCS is working closely with PwC and its current claims partners to ensure a seamless transition for customers using the claims service.
This new contract is a key part of FSCS’s new hybrid operating model, which will see the scheme increasing the proportion of claims processed in-house. This announcement marks the second major milestone of the transition, following on from the opening of a new customer contact centre at FSCS’s London office in April.
Martyn Beauchamp, Interim CEO at FSCS said:
“PwC’s appointment is a major milestone in our transition to a new operating model for FSCS. We’ve been through a rigorous procurement process to ensure that the partner we’ve chosen is the right fit for FSCS. We’re confident the team at PwC have the capability and expertise to help us run a high-performing compensation scheme that is effective for our customers and good value for the levy payers who fund our service.”
Sarah Marin, Chief Customer Officer at FSCS said:
“Our core claims service is the largest part of our operation, and it’s where some of FSCS’s most complex claims for pensions and investments are handled. Alongside our larger in-house team, working with PwC will give us the flexibility we need to handle the variety and volume of claims that now come to us.”
Phil Raines, Partner and Leader of Operations Transformation at PwC added:
“We’re delighted to have been awarded the core claims service with FSCS. The critical service FSCS provides to consumers is essential to building confidence in the financial services industry in the UK and we look forward to working with the team to help them continue to deliver great outcomes for their customers.”
