Pension advice claims push FSCS 2017/18 compensation up to £405m

From £375m in 2016/17

Hannah Godfrey
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Mark Neale: "This rising tide of pension-related claims underlines the risks that consumers face as they take advantage of the pension freedoms."
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Mark Neale: "This rising tide of pension-related claims underlines the risks that consumers face as they take advantage of the pension freedoms."

The £405m the FSCS paid out in compensation during the 2017/18 financial year - up from £375m in 2016/17 - included a significant increase in pension advice-related claims.

According to the latest Financial Services Compensation Scheme (FSCS) annual report, almost a quarter (22%) of the claims handled by the lifeboat fund in its 2017/18 financial year arose from pensions...

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