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.
Three SIPP operators have been declared in default by the FSCS after 150 claims were received, the body announced today.
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.
News from Twitter
Articles by Keyword
AJ Bell
AMPS
annuities
Autoenrolment
Barnett Waddingham
Curtis Banks
DWP
FCA
FOS
FSCS
Hargreaves Lansdown
HMRC
James Hay
Lisa Webster
Mattioli Woods
Pension
pensions
pension transfers
Platforms
regulation
retirement
retirement planning
Sipp
Sipps
Ssas
The Pensions Regulator
TPR
Webster
websterblog
Xafinity