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Displaying items by tag: compensation

Friday, 16 August 2024 16:57

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.

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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.

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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. 

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Wednesday, 03 July 2024 15:04

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.

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Tuesday, 18 June 2024 18:32

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.

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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.

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Tuesday, 13 February 2024 13:10

SIPP adviser declared as failed

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

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Friday, 09 February 2024 09:21

FSCS declares SIPP-connected EU firm as failed

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

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The Financial Services Compensation Scheme has said that it will pay the exit and administration charge (EAC) that the joint administrators propose to levy on Hartley Pensions Limited (HPL) customers, despite earlier saying that it could not.

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Macclesfield-based pension adviser The Chambers Partnership Ltd (FRN 495472) has been declared in default by the FSCS, opening the door to at least one compensation claim.

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