The Financial Services Compensation Scheme (FSCS) will take a more proactive approach in engaging with firms on the speed of their claims process.
The lifeboat fund has been working on improving the process of claims since October 2021, when it engaged 16 Financial Conduct Authority authorised firms to improve third party response times. FSCS chief customer officer Sarah Marin said: "Since launching this work, we have successfully reduced the average response times for several of these firms - including the largest of the third-party pension firms we engage with. "Data gathering used to take 30 days on average for these firms - after this engagement, the majority are returned in 21 days. One of our largest firm's response times ...
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