There is a medium risk of an interim levy on life and pensions advisers from the Financial Services Compensation Scheme (FSCS) due to the volume of claims against self invested personal pension (SIPP) providers, it has said.
FSCS chief executive Mark Neale revealed the risk in the service's latest newsletter. An overall interim levy was "unlikely", he said. The FSCS received 4,248 new claims against pension intermediaries in the last year, set against 3,691 in 2012-2013. The sector was already levied £40m for the coming year, compared with £13m last year, blamed on "a rising trend" in SIPP claims. Neale indicated in July he was "increasingly concerned" by the rising number of claims the service is receiving that are linked to advice to move pensions into risky assets held in SIPPs. In contrast, inve...
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