Rising SIPP claims push FSCS levy to £635m

clock
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...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now

 

Already a International Investment member?

Login