FSCS

Advisers with clients exposed to boiler room brokerage Sky Capital have begun enquiries into compensation, IFAonline understands.

The FSCS is unlikely to recoup compensation costs from Keydata-backer Lifemark after it moved a step closer to administration, with its provisional adminstrator declaring it is unable to restructure it.

Insurers have warned of a fresh hike in premiums for millions of customers after the regulator hit the financial services industry with an inflation-busting 15.6% rise in annual fees.

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Advisers will contribute £33m towards the total expected cost of running the Financial Services Compensation Scheme (FSCS) in 2012/13, although they will also pay an additional interim levy of at least £40m before April.

Advice firms will pay £38.4m towards funding the Financial Services Authority (FSA) in 2012/13, the regulator proposed today.

The Financial Services Compensation Scheme (FSCS) spent nearly £400m on management expenses in the 2010/11 year as it took in nearly £1bn in levies and paid out over £535m in compensation.

The Financial Services Compensation Scheme (FSCS) is warning consumers against using claims management companies to retrieve money from mis-sold payment protection insurance (PPI).

Paul Stanfield, CEO of FEIFA, outlines the key considerations for advisory firms considering passporting their businesses back into the UK from another EU state.

The Association of IFAs (AIFA) has pledged to use 2012 to campaign for a more comprehensive regulatory structure for advisory businesses.