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Big figure

The Financial Services Compensation Scheme has paid nearly £1bn in compensation for failed IFAs.

In total, FSCS has paid out more than £975m in compensation to consumers after the default of financial advisers or firms.

It has dealt with the default of 2,391 IFAs since it was set up in 2001 while handling more than 165,000 claims.

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The FSCS is the compensation fund-of-last-resort for customers of authorised financial services firms.