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 was paid to 425,760 customers of failed firms during 2018/19 - around £68m more than the amount it paid out in 2017/18. To fund its work and compensation payouts, FSCS raised levies on 49,224 financial services firms for the 2018/19 period, raising a total of £517m. Back in January, the lifeboat fund said it would have to demand an extra £78m from financial advisers for the 2...
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