SIPP claims 'significant' as pension levy breaches limit, says FSCS

Levies £87m for life and pensions class

Tom Ellis
clock • 1 min read

The industry lifeboat said it "continues to receive significant numbers" of post-DB transfer self-invested personal pension (SIPP) claims against financial advisers as the levy once again breaches the funding class limit.

The Financial Services Compensation Scheme's (FSCS) forecast levy for the life and pensions intermediary funding class is £87m for 2018/19. This exceeds the £75m class limit, which is 25% smaller than the usual £100m because of the shortened, nine-month levy year, by £12m. The body is shifting its financial years, meaning forecasts for 2018/19 reflect a nine-month period. Last year the FSCS forecasted £171m for the life and pensions intermediary funding class, which was still much greater than this year's forecast when taking into account the shortened levy year for 2018/19. Highli...

To continue reading this article...

Join Professional Adviser for free

  • 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
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA cracks down on illegal crypto trading

FCA cracks down on illegal crypto trading

Eight premises targeted

Jen Frost
clock 22 April 2026 • 2 min read
Average adviser age falls to late 40s

Average adviser age falls to late 40s

FCA’s 2025 Adviser Survey also finds number of advice firms decreased

Sophia Panayi
clock 22 April 2026 • 2 min read
Investment advisory firm enters liquidation after FCA's 'unsuitable' advice warning

Investment advisory firm enters liquidation after FCA's 'unsuitable' advice warning

Joint liquidators to contact HDH Investment Services clients

Jen Frost
clock 20 April 2026 • 1 min read