FSCS pension advice compensation up 138% as SIPP claims bite

The FSCS, which is funded by the industry to compensate clients of failed regulated firms, paid out £83.8m in claims brought against pension advisers in the last year, up from £35.2m in the year before. At the same time, claims values related to investment advice dropped 58%, from £183.1m to £77.1m paid out to investors. The FSCS said more firms had been defaulting in relation to advice on self-invested personal pensions (SIPP) where the money was transferred to be invested in high-risk, non-standard assets. These include the failed schemes Green Oil Plantations; Harlequin Hotels a...