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Levy

Displaying items by tag: Levy

The Association of Member-Directed Pension Schemes (AMPS), the industry body for SIPP and SSAS providers, has voiced “deep concerns” about a big proposed rise in a DWP pension scheme levy which could hit SSAS providers and other small pension scheme in the pocket.

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The Financial Ombudsman Service plans to freeze its fees for 2023/24 at this year’s level due to the economic pressures facing firms.

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Wednesday, 15 September 2021 15:05

FCA pledges to cut FSCS levy - with conditions

The FCA has promised to reduce the FSCA levy from 2025 by 10% a year - but only if it can reduce the number of consumers being harmed by rogue financial services companies.

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The FSCS has cut its latest levy forecast by £206m from £1.04bn to £833m but the body has warned that SIPP claims are rising.

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Friday, 22 January 2021 15:59

SIPP failures to push FSCS levy over £1bn

The FSCS warned today that its levy for the coming year will soar by a third to over £1bn with SIPPs and “complex” pensions cases behind a big chunk of the rise.

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FSCS chief executive Caroline Rainbird has revealed that the major factors pushing up the FSCS levy have been the surge in claims against Self-Invested Personal Pension (SIPP) operators and a rising trend of pensions-related claims.

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The Financial Services Compensation Scheme received 4,100 extra SIPP and pensions claims 2019/20 than it expected, resulting in increased cost of £3.9m.

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It may have escaped your notice but the end of February marks the 30th anniversary of the first SIPP being established.

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Thursday, 16 January 2020 08:48

FSCS levy up by £87m as SIPP claims soar

Soaring SIPP claims have forced the Financial Services Compensation Scheme to increase its levy for 2020/21 by £87m to £635m. 

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The Financial Services Compensation Scheme has warned that there is a ‘high risk’ of a supplementary £46m levy on advisers and providers in the coming due in part to rising pension and SIPP claims.

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