PwC Becomes New Partner for FSCS' Core Claims Service

The Financial Services Compensation Scheme (FSCS) has awarded its core claims service contract to PwC, which marks the second milestone of its transition after opening a customer contact center in the FSCS London office in April. 

Between now and the current claims handling contracts ending on March 31, 2025, the FSCS will work closely with PwC and the current claims partners to ensure a seamless transition for customers currently using the service, according to the lifeboat scheme.

This new contract is part of the FSCS’s new hybrid operating model, which will see the scheme increasing the proportion of claims processed in-house. 

In January 2024, the FSCS announced it would spend almost £9mn increasing its in-house expertise to deal with the increase in complex claims.

Sarah Marin, Chief Customer Officer at the FSCS said that alongside its own in-house team, working with PwC will give the FSCS the flexibility to handle the variety and volume of cases that come to it.

FSCS Interim Chief Executive Martyn Beauchamp said: “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.”

(Source: FT ADVISER)