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Displaying items by tag: FSCS
The Financial Services Compensation Scheme has revealed a list of another 25 failed finance firms this morning - including a number of pension businesses.
The average FSCS compensation payments for a Sipp-related claim increased by 31% in the last financial year.
FSCS bosses said today they see no end to the high numbers of Sipp-related advice complaints next year.
The increased FSCS levy could mean total regulatory costs for Sipp operators in the sector could rise by an additional 75% this year when compared with 2014.
Average compensation payouts for Sipp related claims increased by around 50%
 to £16,375, the FSCS has revealed this morning.
Sipp related claims have again been blamed as advisers brace themselves to be hit with a £100m bill.
Sipps related claims are behind a £20m interim levy on life and pensions intermediaries announced by the FSCS today.
The FSCS has announced it will begin to increase pay outs for Sipp transfer claims.
Nearly six in ten complaints relating to Sipps made to the Financial Ombudsman Service between April and December last year were upheld.
Complaints and compensation claims about advice relating to Sipps will continue to rise, with an extra 500 cases predicted for the next financial year, the FSCS warned today.
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