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FSCS

The Financial Conduct Authority, the Financial Services Compensation Scheme and the Financial Ombudsman Service have warned Financial Planners to take action on any SIPP or SSAS investments in the German Property Group.

The Financial Services Compensation Scheme received 4,100 extra SIPP and pensions claims 2019/20 than it expected, resulting in increased cost of £3.9m.

The Financial Services Compensation Scheme has declared 12 failed firms in default in April - including former major SIPP provider Berkeley Burke.

The Financial Services Compensation Scheme has warned that it will reject many claims relating to the failed £236m mini-bond firm London Capital & Finance (LCF).

Liberty SIPP Limited has entered administration, opening the door to FSCS compensation claims for hundreds of clients.

The FSCS yesterday (1 April) declared Berkeley Burke SIPP Administration Ltd a failed firm and opened the door to claims that could eventually top £150m.

The Financial Services Compensation Scheme (FSCS) has declared 15 failed regulated firms in default during February 2020 including SIPP firm GPC.

Law firm Shearman & Sterling has applied for a judicial review into the FSCS’s handling of compensation for victims of the £236m London Capital & Finance mini-bond firm.

Soaring SIPP claims have forced the Financial Services Compensation Scheme to increase its levy for 2020/21 by £87m to £635m. 

The Financial Services Compensation Scheme has warned that there is a ‘high risk’ of a supplementary £46m levy on advisers and providers in the coming due in part to rising pension and SIPP claims.

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