145% rise in compensation claims

AOL Money Staff
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The financial services safety net has seen a 145% increase in compensation claims in the last year, driven by a wave of payment protection insurance (PPI) cases.

Nearly 97,000 new claims were made to the Financial Services Compensation Scheme (FSCS) during 2011/12, compared with just under 39,500 over the previous financial year, the body said in its annual report and accounts.