The Financial Services Compensation Scheme has declared 12 failed firms in default in April - including former major SIPP provider Berkeley Burke.

The Financial Services Compensation Scheme has warned that it will reject many claims relating to the failed £236m mini-bond firm London Capital & Finance (LCF).

Liberty SIPP Limited has entered administration, opening the door to FSCS compensation claims for hundreds of clients.

The FSCS yesterday (1 April) declared Berkeley Burke SIPP Administration Ltd a failed firm and opened the door to claims that could eventually top £150m.

The Financial Services Compensation Scheme (FSCS) has declared 15 failed regulated firms in default during February 2020 including SIPP firm GPC.

Law firm Shearman & Sterling has applied for a judicial review into the FSCS’s handling of compensation for victims of the £236m London Capital & Finance mini-bond firm.

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

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.