The current level of funding and the financial structure of FOS will have to change, FCA chairman Charles Randell told the Treasure Committee today.
The Financial Services Compensation Scheme (FSCS) has revealed it has so far paid out £1.1m to former Active Wealth clients hit by the British Steel pensions debacle.
PIMFA, which represents around 1,000 UK wealth managers and financial advisers, has called for an “urgent review” of the FSCS following yesterday’s announcement of an interim levy.
The Financial Services Compensation Scheme (FSCS) is currently paying out £531,000 to those affected by the continuing fallout of the British Steel debacle.
The FCA has imposed a reduced fine of £60,000 on Alistair Rae Burns and made an order banning him from performing any senior management function in financial services.
The FCA is set to take over regulation of claims management companies and estimated the cost to be in the region of £17m.
The FSCS has defended itself against suggestions it takes a punitive, enforcement approach against those firms deemed in default.
The Personal Finance Society wants the Government to impose a ‘seven basis points’ levy on funds under management per year as a solution to FSCS funding problems.
The Financial Services Compensation Scheme has listed 11 failed advice firms it declared in default in March in a move which will mean some British Steel Pension Transfer clients being compensated.
AMPS, which trade association which represents most UK SIPP providers, has written to the FSCS to question its statements on three SIPP providers recently declared in default by the scheme.
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