Our Annual Report and Accounts 2020/21 reported that the FCF’s assets at 31 March 2021 were £33.9m. At the same date, we’d already received nine claims totalling £47.3m, and we’re aware of 117 more possible applications totalling £358.1m.
Although we raised a levy in 2021/22, the amount raised won’t be enough to pay these claims if they’re eligible for compensation.
So that we can pay the eligible claims without unnecessary delay, Parliament has approved new legislation to allow the Department for Work and Pensions to give us a loan to cover the value of the claims. The Compensation (London Capital & Finance plc and Fraud Compensation Fund) Act received Royal Assent on 20 October 2021.
We’re working to progress the applications we’ve received as quickly as possible.