Pension advisers' FSCS levy soars by 73%

The life and pensions intermediation class will see its contribution towards the levy jump from £33m last year to £57m for 2015-2016 - an increase of 73%. FSCS chief executive Mark Neale said the rise reflects a trend of growing claims arising from bad advice to switch pension savings into SIPPs. So far, the scheme has compensated eligible investors for the pension losses incurred, he said. But many of these investors have also suffered significant investment losses as a result of advice to invest in risky, non-standard assets such as overseas property developments, Neale said, in ...