FSCS demands extra £24m levy due to rising SIPP claims

In an update released this morning, the body said "the supplementary levy arises from continuing growth in volume of SIPP-related claims falling on life and pension advisers". In April, it forecast these would total £146m but because of uncertainly it only raised a levy of £100m (the maximum for the sector). However, latest calculations based on current volumes and average costs, showed the body needed to raise an additional £24m in 2017/18. It said the cost would trigger a cross-subsidy and "fall on the retail pool". Both advisers and providers across different funding classes wil...