Rising SIPP and DB transfer claims to force extra £69m FSCS levy

In its November outlook, published on Wednesday (November 28), FSCS chief executive Mark Neale revealed the lifeboat fund expected to be in a deficit of close to £70m by the end of the year as a result of pension-related claims. Neale (pictured) said: "Despite raising a levy on life and pensions advisers in April of £75m - the maximum allowable for nine months from June 2018 to March 2019 - we expect a deficit by year-end of just under £70m. This will, I am afraid, necessitate a supplementary levy falling on the retail pool." He added: "We see some common factors underlying these clai...