The Chartered Institute for Securities & Investment (CISI) has raised concerns with the FCA at the decision to increase the Financial Ombudsman Service’s (FOS) compensation limit from £150,000 to £350,000, as it may have “serious unintended consequences for its member SMEs”.
The FSCS has appointed eight law firms to form its second legal panel, following what it called “a rigorous six-month procurement exercise.”
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 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.
SIPP provider and wealth manager Mattioli Woods has welcomed a decision which could pave the way for compensation pay-outs to investors who used a failed SIPP firm.
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.
The average FSCS compensation payments for a Sipp-related claim increased by 31% in the last financial year.