Displaying items by tag: compensation

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.

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.

The Financial Services Compensation Scheme has opened an investigation into failed DFM and SSAS investment firm Central Markets Investment Management (CMIM) Limited.

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.

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. 

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.

The Financial Services Compensation Scheme (FSCS) has awarded the contract for its core claims handling to professional services giant PwC.

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.

The Financial Services Compensation scheme has declared two financial advice firms as failed including a firm which provided advice on SIPPs.

The FSCS has declared a Portuguese financial firm involved in the UK SIPP market in breach of its regulatory permissions as failed.