On 7 July 2014, the Financial Services Compensation Scheme (FSCS) in the UK published its Annual Report and Accounts. The FSCS is a statutory scheme which provides compensation to consumers when authorised financial services firms fail. Claims of £240 million were met by the FSCS in in the past year, down from £326 million in the previous year. Notably, the number of payment protection insurance claims received by the FSCS reduced for the first time in four years, from 19,000 to 12,000. The FSCS collected industry levies of £1.1 billion and recovered funds of £353 million from failed financial firms in 2013/2014.