The Financial Services Compensation Scheme has awarded the contract for its core claims service to PwC.
The lifeboat scheme has said between now and the current claims handling contracts ending on March 31 2025, it will work closely with PwC and the current claims partners to ensure a seamless transition for customers currently using the service.
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 lifeboat scheme announced it would spend almost £9mn increasing its in-house expertise to deal with the increase in complex claims.
At the time, interim chief executive Martyn Beauchamp said this would mean the organisation could reduce the amount it spends on outsourcing in 2024/25.
Sarah Marin, chief customer officer at the FSCS said that alongside its own in-house team, working with PwC will give the lifeboat scheme the flexibility to handle the variety and volume of cases that come to it.
Today’s announcement is the second milestone of its transition after opening a customer contact centre in the FSCS London office in April.
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.”
alina.khan@ft.com
