Life and pensions advisers are set to pay £87 million for the Financial Services Compensation Scheme (FSCS) levy in 2018/19, the lifeboat has said as ‘Sipp mis-selling’ continues. This £87 million figure is down from the £100 million total levy … Read more ….
Firms that manage investments will see their Financial Services Compensation Scheme (FSCS) levy rise next year after the lifeboat fund declared three Sipp providers in default. For the first time the FSCS will pay out to clients of collapsed Sipp providers if … Read more ….
Newly-merged adviser trade body, the Personal Investment Management and Financial Advice Association (Pimfa) is calling for the FCA to change how it plans to calculate the Financial Services Compensation Scheme levy, to take discretionary fund managers (DFMs) out of its … Read more ….
The Financial Conduct Authority (FCA) has revealed that only 51% of the 129 transfers it has reviewed from the British Steel Pension Scheme (BSPS) were clearly suitable for the client. In a letter to Work and Pensions Select Committee chairman Frank Field, FCA chief … Read more ….
The Financial Services Compensation Scheme declared 15 companies in default during November and December 2017, including a Welsh advice firm that had its permissions cancelled in 2016. Park Grove Financial Management’s permissions were cancelled in June 2016 after it failed to pay … Read more ….
The ripple effect of the mis-sold BSPS transfers scandal could mean IFAs who have given advice to BSPS members face difficulties getting professional indemnity (PI) cover as insurers ask questions about the amount of business they have done with scheme … Read more ….
Inspirational Financial Management is the latest firm to stop advising on defined benefit transfers after intervention from the Financial Conduct Authority (FCA), as part of the watchdog’s work on the British Steel Pension Scheme (BSPS). The West Yorkshire firm submitted a voluntary requirement to … Read more ….
The Financial Conduct Authority (FCA) has cancelled an IFA’s permissions after it refused to pay compensation when the Financial Ombudsman Service (FOS) ruled against it. In October the FCA issued a final notice against Tunbridge Wells-based advice firm Foreman Financial Services after it ‘repeatedly’ … Read more ….
Every firm with permission to advise on defined benefit (DB) pension transfers will be asked to provide data to the Financial Conduct Authority (FCA) as part of a probe into practices across the market. In a letter to MPs on the … Read more ….
The Financial Services Compensation Scheme (FSCS) has announced a supplementary levy of £24 million for 2017/18 following the ‘continuing growth’ of Sipp claims. In its update for the year, FSCS chief executive Mark Neale, said the continued number of Sipp … Read more ….