Rising SIPP claims push FSCS levy to £635m

Rising SIPP claims push FSCS levy to £635m

Advisers face increased Financial Services Compensation Scheme (FSCS) bills as the body is set to raise its overall levy to £635m for 2020/21 with intermediaries stumping up £213m. The total levy is up £87m on the previous year. The FSCS blamed increased self-invested personal pension (SIPP) operator failures for the rise. Collectively, advisers will be billed £213m for the 2020/21 financial year. The body also confirmed a supplementary levy for 2019/20 of £50m from the life distribut...

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