compensation

Norwich Union (NU) will have to pay £11m in compensation after the firm was found to be overcharging stakeholder pension customers.

Depositors with Icesave, the UK savings arm of the failed Icelandic bank Landsbanki, will receive compensation without the need for a lengthy application process it was announced today.

The Building Societies' Association (BSA) has called for a debate on whether payments to the Financial Services Compensation Scheme (FSCS) should be risk-related.

Advisers have expressed their anger at potentially having to foot the bill for the fallout from the near collapse of Bradford & Bingley.

Advisers have criticised suggestions that most endowment mortgages were mis-sold.

Nine in ten Britons with an endowment policy believe they were victims of mis-selling, according to research by Fairinvestment.co.uk.

The Financial Services Compensation Scheme (FSCS) has declared a mortgage adviser to be in default and has begun paying claims against it.

The Investment Management Association (IMA) has called for depositor protection limits to be raised from £35,000 to £50,000 to help restore confidence in the banking system.

The Financial Services Compensation Scheme (FSCS) has cut its levy from the financial services industry by £2.4m from its initial 2008/09 budget.

AIFA says the Government needs to assess the affect its Bank Deposit Protection Bill will have on the wider financial services market before making changes to the Financial Services Compensation Scheme (FSCS).