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Britons get £26 billion in compensation since 2001

The Financial Services Compensation Scheme says it has paid out almost £26 billion to over 4.5 million people following the collapse of more than 2,500 financial institutions in 10 years.

The scheme acts as a safety net to savers and investors and will repay the majority of people back within seven days of an authorised bank, building society or credit union failing. It does not act if a bank is nationalised, such as Northern Rock.

Among the biggest cities in the country, the average pay-out ranges from £20,108 in London to £7,954 in Liverpool.

Mark Neale, the Chief Executive of the FSCS, told Radio 5 live's Wake Up To Money how the scheme works.

Wake Up To Money broadcasts weekdays 0530 to 0600 on Radio 5 live.

For other 5 live highlights, please visit the best bits page.