Displaying items by tag: FSCS

Tuesday, 21 August 2018 14:30

FCA says regulating ‘ambulance chasers’ to cost around £17m

Claims management companies: recovering the costs of regulation and the Financial Ombudsman Service

The FCA is set to take over regulation of claims management companies and estimated the cost to be in the region of £17m.

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Wednesday, 23 May 2018 14:30

FSCS: ‘We’re not here to punish defaulting firms’

The FSCS has defended itself against suggestions it takes a punitive, enforcement approach against those firms deemed in default.

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Thursday, 10 May 2018 11:28

PFS proposes Government levy solution to FSCS funding

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.

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Tuesday, 17 April 2018 16:28

FSCS opens door to first BSPS compensation cases

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.

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Wednesday, 24 January 2018 14:23

AMPS criticises FSCS ruling on SIPP defaults

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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Friday, 19 January 2018 10:13

3 SIPP firms declared in default by FSCS

Three SIPP operators have been declared in default by the FSCS after 150 claims were received, the body announced today.

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Friday, 05 January 2018 11:47

SIPP claims force FSCS to add £23.9m extra levy

SIPP compensation claims above predictions have forced the Financial Services Compensation Scheme (FSCS) to ask financial advisers and providers to chip in an extra levy of £23.9m.

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Tuesday, 18 July 2017 10:05

3,600 pay outs for wrong 'risky' Sipp advice cost £105m

Nearly 3,600 consumers have been compensated for wrongly being advised to switch savings into ‘risky’ assets within SIPPs – at a cost of £105m.

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Monday, 03 April 2017 14:44

AMPS wary of product levy to fund the FSCS

The Association of Member-Directed Pension Schemes (AMPS), the body representing SIPP operators and SSAS practitioners, has voiced concerns about introducing a product levy to fund the FSCS and says the role of advice in causing later claims needs to be studied.

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Monday, 16 January 2017 11:58