FSCS shells out £123m in SIPP-related compensation in 2018/19

£473m paid out to customers

“As we continue to see a rise in SIPP-related claims, we are working with our partners in industry through our Prevent pillar to gain valuable insight into the causes of firm failures" - the FSCS's Caroline Rainbird
“As we continue to see a rise in SIPP-related claims, we are working with our partners in industry through our Prevent pillar to gain valuable insight into the causes of firm failures" - the FSCS's Caroline Rainbird
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The Financial Services Compensation Scheme (FSCS) paid out £123m for claims relating to SIPPs in its 2018/19 financial year - up £11m from the previous period.

Compensation for SIPP-related claims made up 26% of all compensation paid out in the lifeboat fund's latest financial year. According to the FSCS's annual reports and accounts, a total of £473m in compensation...

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