The Association of Member-Directed Pension Schemes (AMPS), the industry body for SIPP and SSAS providers, has voiced “deep concerns” about a big proposed rise in a DWP pension scheme levy which could hit SSAS providers and other small pension scheme in the pocket.

The Financial Ombudsman Service plans to freeze its fees for 2023/24 at this year’s level due to the economic pressures facing firms.

The FCA has promised to reduce the FSCA levy from 2025 by 10% a year - but only if it can reduce the number of consumers being harmed by rogue financial services companies.

The FSCS has cut its latest levy forecast by £206m from £1.04bn to £833m but the body has warned that SIPP claims are rising.

The FSCS warned today that its levy for the coming year will soar by a third to over £1bn with SIPPs and “complex” pensions cases behind a big chunk of the rise.

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

It may have escaped your notice but the end of February marks the 30th anniversary of the first SIPP being established.

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.