The Financial Services Compensation Scheme (FSCS) is set to ask for an extra £46m from advisers and providers following further claims relating to pension advice.
The lifeboat fund said the life distribution, pensions and investment intermediation class, which includes financial advisers, has seen an increase in expected compensation of £44m - or 23% compared to original levy forecasts. The main areas of claims related to pension advice, which has cost the lifeboat fund an additional £20m. It said it also expected to make 1,200 (58%) more decisions in relation to general investment activities against a variety of firms, including the recent failures of SVS Securities and Reyker Capital. This is not the first time the FSCS has requested addition...
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