FSCS threatens interim levy on pension and mortgage advisers

In its half-year outlook, the body said it expects to pay £136m in pension-related compensation in 2016/17 compared to the £98m it originally forecast in the spring. The reason was an "unexpected" surge in claims in relation to advice on self-invested personal pensions (SIPP). The compensation fund also expects to incur administrative costs of more than £7m for pension advisers, £2m more than it originally anticipated. The FSCS said claims about SIPP advice were made against 171 firms in total, of which four were responsible for 73% of the compensation paid out. The other 167 firms...