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Citywire publishes FSCS 2018 roundup, including SIPP collapses & more

12/05/2018

Financial news publication, Citywire, has published an article chronicling the FSCS’s 2018 story, including focuses on the SIPP pension mis-selling scandal and the final salary pension transfer problem. What is the FSCS? The Financial Services Compensation Scheme is the lifeboat fund for the financial services industry in the UK. Different to the FCA (which makes … Continued

increase in scams

ScamSmart receives 462% increase in pension scam enquiries

12/04/2018

Anti-pension scam campaign starting to pay off? New figures show that ScamSmart, the FCA’s anti-scam division set up to help people identify and avoid money scams, has recorded a 462% increase in pension scam enquiries since their summer advertising campaign. The website, which was previously recording around 562 daily visits, later recorded an average of … Continued

Mis-sold SIPP claims illustration

£17 million compensation bill for just 3 collapsed SIPP companies

11/29/2018

The collapse of 3 SIPP pension providers, Brooklands Trustees, Montpelier Pension Administration Services and Stadia Trustees, has so far cost the FSCS £17 million in compensation. Because the three firms stopped trading and disintegrated, it meant that the FSCS had to step in, declaring the firms in default, which meant that it would consider paying … Continued

Microscope illustrating how the FCA is treating suspect IFAs

3000 financial firms to be quizzed over pension transfer risks

11/28/2018

The Financial Conduct Authority, which both sets and enforces the rules for companies working in the financial services sector, is set to question around 3,000 firms about pension transfer risks, following suspicious surges in transfer activity over the past few years. In many cases, people may have been given negligent financial advice that led them … Continued

Lots of pound coins

FSCS may have to levy another £69m to pay for pension mis-selling compensation

11/28/2018

The Financial Services Compensation Scheme is forecasting an extra £69 million levy to pay for pension mis-selling compensation, as claims about SIPP pensions and final salary pension transfers appear to rise. As the ‘lifeboat’ scheme for the financial services sector, the FSCS is often responsible for paying claims when companies can’t either because they cannot … Continued

Adding to pension fund

Number of pension transfers shoot-up 587% in just 2 years despite warnings

11/26/2018

Have you moved a defined benefit pension? Final salary pensions are some of the most rare and valuable pensions around, promising a guaranteed income in retirement, with some excellent benefits and security. But despite this, it appears people are leaving them in the thousands, as the FCA reports a massive 587% increase in pension transfers … Continued

Stacks of claims against Beaufort Securities

1,400 claims against Beaufort Securities land with FSCS

11/15/2018

The Financial Services Compensation Scheme, which acts as a lifeboat to pay claims when firms cannot, has received over 1,400 mis-selling claims relating to the Beaufort Securities scandal. Beaufort, which entered into administration back in March shortly after it was revealed that parties relating to Beaufort were caught up in an FBI sting, provided discretionary … Continued

FCA demanding information from IFAs

FCA demands information from DB pension transfer advisers

11/13/2018

The FCA has written out to financial advisers who have permissions to conduct final salary pension transfers to demand information about the ongoing costs of the new pension arrangements being paid by their clients. Final Salary pension transfers are rarely considered suitable under the FCA’s rules, because of the amount of risk moving away from … Continued

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