Image:
Caroline Rainbird: "A key driver behind the expenses we are anticipating for 2022/23 is an ongoing trend in more complex claims with higher processing costs. Of particular note is an increasing number of claims coming through from customers who were given poor advice to move their pensions into unsuitable investments."
Complex claims to the Financial Services Compensation Scheme (FSCS) linked to poor advice have been blamed for a predicted rise in its running costs for 2022/23 as its annual management expenses budget is forecast to reach £95.5m.
The compensation body said in a budget update, release today (12 January), its running costs for 2021/22 would be £85.3m. It said to meet its running costs and ensure "it can help its customers get...
To continue reading this article...
Join Professional Adviser
- Unlimited access to real-time news, industry insights and market intelligence.
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters.
- Make smart business decisions with the latest developments in regulation, investing retirement and protection.
- Tap into our community intelligence through our regular Pro Adviser poll.
- Be the first to hear about our events and awards programmes.
