The Financial Conduct Authority (FCA) and PIMFA are encouraging advisers to whistleblow on "bad behaviour" within the profession in order to bring down the cost of the FSCS levy.
The maximum pay-out on pension and investment advice from the Financial Service Compensation Scheme (FSCS) is set to rise from £50,000 to £85,000 from April 2019. Advisers have long criticised the current funding system of the FSCS as "unfair" - often describing it as the "good guys pay" levy because all advisers have to pay into the lifeboat fund to compensate those fail. At an FSCS parliamentary roundtable on Wednesday morning, Personal Investment Management & Financial Advice Association (PIMFA) chief executive Liz Field (pictured) was asked how advisers might feel about the maximu...
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