A scheme set up to try to recover money for consumers in the event of a company going bust has claimed back more than £1 billion.

The Financial Services Compensation Scheme (FSCS) was set up in December 2001 with the intention of helping consumers who had nowhere else to go when authorised firms went under.

It is funded by levies on firms regulated by the Financial Services Authority (FSA).

The scheme has made some 350,000 compensation payments across the full range of financial services.

Loretta Minghella, chief executive of the FSCS, commenting on the £1 billion figure reclaimed, said it was a "significant milestone for consumers, the industry and the FSCS".

She added that over 250,000 payments had been made to victims of insurance failures, with over 54,000 mortgage endowment claims processed and 4,000 credit union members getting their savings back.

"And we have helped thousands of investors who lost money from precipice bonds and splits," Ms Minghella added.

She concluded by saying that if it was not for the FSCS the £1 billion would have been lost.

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