The Financial Services Compensation Scheme's (FSCS) 2018/19 levy, which is due to be published in April, will reflect the growth of claims around DB transfer advice, Mark Neale has said.
The lifeboat fund's chief executive revealed the FSCS was now beginning to receive claims resulting from "bad advice" to cash in defined benefit (DB) pensions. He said the scheme's 2018/19 levies, paid by financial advice firms and other financial services businesses, would reflect the incoming claims. The news comes after the FSCS issued an additional £24m interim levy for life and pensions advisers in January, due to rising numbers of self-invested personal pension (SIPP) related claims in 2017/18. It forecast a total levy of £336m for the shortened 2018/19 levy year in January, alt...
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