Displaying items by tag: compensation
SIPP-linked adviser connected to £7.4m compensation bill
The FSCS declared five regulated firms in default in February and March, well down on the 12 firms in default in the same period last year, however one of the firms facing the biggest compensation bills - Alexander David Securities Ltd - was linked to SIPPs.
FSCS declares failed Yorkshire adviser firm in default
Failed West Yorkshire adviser firm Reis Financial Planning Ltd (FRN: 673257) has been declared in default by the Financial Services Compensation Scheme today after a first claim against the firm was upheld.
FSCS declares £1bn SIPP firm Intelligent Money in default
Failed SIPP operator Intelligent Money has been declared in default today by the Financial Services Compensation Scheme, opening the door to ex-clients with valid claims to receive compensation.
SIPP adviser fails after upheld complaint
A financial adviser firm - Chesterton Grant Limited of Yorkshire - has been declared as failed by the Financial Services Compensation Scheme after a complaint about SIPP advice against the firm was upheld.
FSCS investigates failed SSAS-linked DFM firm
The Financial Services Compensation Scheme has opened an investigation into failed DFM and SSAS investment firm Central Markets Investment Management (CMIM) Limited.
FSCS pays out £423m in compensation in one year
The Financial Services Compensation Scheme (FSCS), the safety net scheme for consumers, paid out £423m in compensation to customers during its 2023/24 year, £20m higher than the previous year.
FSCS reports rise in 'more complex' SIPP failures
The Financial Services Compensation Scheme (FSCS), the industry-funded safety net for consumers, has warned it is seeing a rise in more complex SIPP claims after it paid out a total of £423m in compensation in its 2023/24 year.
PIMFA urges higher FOS case fees for CMCs
Wealth management trade body PIMFA has urged the Financial Ombudsman Service to push up proposed cases fees for CMCs to better share the burden of costs between between claimants and firms hit by a complaint.
FSCS appoints PWC to handle claims service
The Financial Services Compensation Scheme (FSCS) has awarded the contract for its core claims handling to professional services giant PwC.
Pension transfer compensation is falling says OAC
New data from actuarial consultancy OAC suggests that pension savers submitting a complaint about pension transfer advice would now receive just £12,000 in compensation, about half the amount they would have received at the beginning of the year and well below the levels of two years ago.