More than 2,500 complaints against the UK’s financial services industry have been upheld in Birmingham during the last decade.
The Financial Services Compensation Scheme (FSCS), which was founded in 2001, has revealed it has paid out £26,893,125 in compensation to claims from Birmingham since it began operating.
Average payouts totalled £10,709 and 752 complaints have been rejected in the region since the scheme came into force.
Nationally, the financial services watchdog has dealt with the collapse of 2,528 covered institutions, including 2,000 independent financial advisers.
It has paid out a total of £26 billion in compensation to about 4.5 million consumers, since the Government-backed FSCS started work as the safety net for the industry.
Without this protection, consumers who invested in or through firms that collapsed would have lost their money.
Chief executive Mark Neale said: “The financial services sector has changed significantly over the last decade and the market is now far more complex than it was in 2001. Over the last 10 years the FSCS has been working tirelessly to protect millions of consumers of financial services products.
“We have protected depositors. We have protected insurance policyholders. We have been there for consumers when independent financial advisers failed. And we have been there to help protect consumers when major investment firms have gone bust. We have paid out compensation to people who had nowhere else to turn.
“Far greater protection now exists than was available in 2001. Consumers should feel reassured that in these tough times the FSCS will continue to be there for them.”
He added that it was important that consumers checked that they were covered by the FSCS.
“If consumers know and follow the rules, they are eligible for cover up to £85,000. And they are paid back quickly too, which is important in these turbulent economic times,” he added.