The organisation said it would work to “respond efficiently” to advice claims as demand changes to deliver “fast, fair and consistent” decisions.
It said that by simplifying its processes and enhancing the tools and technology it uses, it would “boost productivity” in the busiest parts of its service and utilise resources to meet changing demand without compromising quality.
The FSCS said: “By handling advice claims efficiently and taking a fair and proportionate approach, we will remain ready for high volumes and complex cases.”
It will also invest in transforming its process and system to implement an “always-on” approach.
The organisation said it would continue to meet its responsibilities to the financial services sector that funds the FSCS through the levy, by “operating efficiently and with discipline”. It would be a “careful steward” of the funds and work with regulators and industry to raise awareness of FSCS protection.
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By 2031, at the end of its five-year strategy, the FSCS’ success will be measured by how accessible and efficient it is, and that customers get “fair, consistent and timely” outcomes.
Its routine tasks will also be automated, and AI will augment its work, while using a disciplined approach to reduce the cost of compensation for levy payers.
Martyn Beauchamp, chief executive of the FSCS, said: “FSCS protection helps people feel confident to save and invest, with 76% telling us they are more likely to do so when FSCS protection is available. That confidence dividend delivers value beyond compensation alone – not just for consumers, but for the industry that funds our work and for the wider UK financial system.
“This strategy reaffirms our role in supporting financial stability by providing UK consumers with confidence, continuity and fair compensation when firms fail. It sets out how we will deliver that role with purpose, clarity and discipline, and with the readiness to respond effectively, whatever tomorrow brings.”
