Pensions review IFAs face higher levies

In its annual report published earlier this year, the FSCS said IFAs in the pension review contribution group would be unlikely to pay levies from next year because claims were coming to an end. But in a report published today it says this view was over-optimistic and the contribution group will therefore face increased funding requirements in 2007/08. The factors contributing to the projected shortfall of funds include: Claims have continued to arrive off the street in higher numbers than forecast; The average value per claim is currently £24,600 and just 40 new valid claims would...