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May 04 2018

FSCS bills driven up by defined benefit transfers

Financial Services Compensation Scheme (FSCS) bills for the coming year have risen sharply, partly due to the British Steel pension saga.

FSCS revealed that more than £71m above their forecast for 2018/19 had to be levied including an extra £52m on life and pensions advisers.

Fees had to be hiked due to impending defined benefit transfer claims.

Life and pensions adviser levies are capped at £75m, meaning the surplus £64m will have to be paid by other parts of the industry.

Another £18m bill has arisen “almost entirely” due to claims against SIPP advisers.

Find out more: https://www.moneymarketing.co.uk/db-transfers-drive-fscs-levies/

If you feel you may be eligible for a SIPP claim or any other mis sold pension claim, contact United Claims today.