The UK Financial Services Compensation Scheme (FSCS) has awarded the contract for the core claims service to PwC.
From now until the current claims management contracts expire on 31 March 2025, the FSCS is working closely with PwC and its current claims partners to ensure a smooth transition for clients using the claims service.
This new contract is a key part of the FSCS’ new hybrid operating model, which will see the scheme increase the proportion of claims handled in-house. This announcement marks the second major milestone in the transition, following the opening of a new customer contact center at FSCS’s London office in April.
Martyn Beauchamp, FSCS Interim Chief Executive said:
“The appointment of PwC is an important milestone in our transition to a new operating model for the FSCS. We have gone through a rigorous procurement process to ensure our chosen partner is FSCS qualified. We are confident that the PwC team has the ability and expertise to help us run a high performance compensation system that is effective for our clients and good value for the ratepayers who fund our service.”
FSCS Chief Customer Officer Sarah Marin said:
“Our core claims service is the biggest part of our operation and is where some of the FSCS’s most complex pension and investment claims are dealt with. Together with our larger in-house team, working with PwC will give us the flexibility we need to handle the variety and volume of claims now coming our way.”
Phil Raines, Partner and Leader of Operations Transformation at PwC added:
“We are delighted to have been awarded the core claims service with the FSCS. The critical service that the FSCS provides to consumers is essential to building trust in the UK financial services industry and we look forward to working with the team to help them continue to deliver great outcomes for their clients.”