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FSCS chief executive Caroline Rainbird has revealed that the major factors pushing up the FSCS levy have been the surge in claims against Self-Invested Personal Pension (SIPP) operators and a rising trend of pensions-related claims.

The Financial Services Compensation Scheme has declared 45 firms in default between May and October including two signifcant SIPP providers and dozens of financial advice firms. 

The FSCS is working through nearly 1,000 potential claims against SIPP operator Guinness Mahon which collapsed in February.

he Financial Services Compensation Scheme has paid out just over £38.1m in compensation to LCF customers, a substantial increase from the £20m paid out by August when the body increased the team allocated to the case by nearly 80%.

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.

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