At a parliamentary hearing this morning, PIMFA raised issues surrounding the ever-rising FSCS levy and also suggested the burden of pension scams on the lifeboat scheme could result in good advisers leaving the market.
Speaking at a Work and Pensions Committee hearing on Wednesday morning (16 September), PIMFA director of policy and government relations Tim Fassam told MPs pension fraud and scams could lead to "good, high-quality advisers" leaving the market. Fassam pointed out pension scams and fraud were now falling onto the shoulders of the Financial Services Compensation Scheme (FSCS) where any part of the chain contained a regulated activity. He said this in part was leading to rampant FSCS levy increases that would lead to advisers exiting the market. He added: "Obviously it's incredibly im...
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