Rising DB transfer claims push 2018/19 FSCS levy to £407m

£71m up on January forecast

"Risks rise as people make increasingly complex choices about the investment of their pension pots, even where investors take the sensible step of taking independent professional advice" - FSCS's Mark Neale
"Risks rise as people make increasingly complex choices about the investment of their pension pots, even where investors take the sensible step of taking independent professional advice" - FSCS's Mark Neale
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The FSCS has cited the growing number of claims relating to defined benefit (DB) pension transfers as the main reason for the lifeboat scheme's levy for this year being a fifth higher than it forecast in January.

Confirming the final total this morning, the Financial Services Compensation Scheme (FSCS) said it would levy firms £407m for 2018/19 - £71m more than it forecast in its Plan and Budget at the start of...

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