PFS calls for 'SIMPEL' solution to FSCS funding issue

The professional body's chief executive Keith Richards said the lifeboat fund was designed at a different point in time and has become "unfit for purpose". "Well-intentioned as it is… [the FSCS] has built up an unknown level of legacy liability over many years," he argued. "It is increasingly proving unfit for purpose and the growing concern over defined benefit transfers, plus a hardening professional indemnity insurance (PII) market, will compound the level of liability placed upon it, which will result in poor outcomes for consumers and the market as a whole." Rising DB transfer...