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.

Sheldon Mills, executive director of consumers and competition at the FCA, has claimed that Consumer Duty has been a great success in a speech at an event celebrating the Duty’s anniversary.

Pension scam warning ‘flags’ have climbed to their highest level in nine months, according to a warning from pensions consulting and administration business XPS.

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. 

Three financial advisers who pocketed almost £6m in ‘marketing fees’ relating to an SIPP which included inappropriate high-risk bonds, have been penalised almost £4m by the FCA and prohibited from any regulated activity.