The chief executive of the Financial Services Compensation Scheme (FSCS) has renewed his call to policy makers to extend financial protection to the total value of peoples' retirement savings.
FSCS currently protects up to £50,000 of people's retirement and investment savings. But Mark Neale has called for that to be extended to 100% of the value of pension pots. Neale said consumers were confused by a discrepancy in the system which meant in contrast to protection against bad advice or investments, the scheme covers 100% of the policy value of an annuity. He said recent failures in the self-invested personal pension market, which hiked the number of claims people brought to the scheme related to advice to invest in alternative assets, created a case for people being bet...
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