Citywire publishes FSCS 2018 roundup, including SIPP collapses & more

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…

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

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…

1,400 claims against Beaufort Securities land with FSCS

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…

5 financial advisers declared in default with FSCS: Can you claim?

The Financial Services Compensation Scheme has declared five financial advice firms in default in the month of September 2018. They are: Cygnus Investment Management Ltd Soussan, Esq Foreman Financial Services Ltd (Graingerco) Independent Mortgage Advice Bureau (Stevenage) Ltd The Financial Factory Ltd What does being declared in default by the FSCS mean? When claims are…

Sovereign financial

FSCS add J. Richfield and Cumulus Investment Management to default claims list

It means that the FSCS will pay out on successful claims against both companies The FSCS has declared 15 firms in default, meaning that the Financial Services Compensation Scheme is satisfied that the company can no-longer pay out compensation to people who have received negligent financial advice from the firm. J Richfield J. Richfield, which also…