FSCS payouts for SIPP-related claims against IFAs jump 50%

Scott Sinclair

The average compensation payout for a SIPP-related claim against failed IFAs rose almost 50% in 2014-15 against the previous 12 months, prompting a £20m interim levy on life and pensions advisers.

The Financial Services Compensation Scheme (FSCS) said the average payment climbed from about £11,100 in 2013-14 to almost £16,400 in the following year. The increase in the average value of a s...

To continue reading this article...

Join Professional Adviser


  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
 Be the first to hear about our events and awards programmes.



Already a Professional Adviser member?


More on Regulation

Curtis Banks chief executive Will Self steps down

Curtis Banks chief executive steps down

With immediate effect

Jenna Brown
clock 09 August 2022 • 1 min read
Nicola Parish: “Our new scams combat plan sets out to make savers aware of the risk of scams"

Cost of living exposing savers to more scams, TPR warns

TPR scams strategy

Hope William-Smith
clock 03 August 2022 • 2 min read
Jessica List: "I wonder if a full overhaul isn't the best solution to fixing the challenges with the current tax relief system."

Jessica List: Is tax relief reform consensus actually possible?

We have a problem...

Jessica List
clock 01 August 2022 • 4 min read