Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

FSCS issues Sipp warning as payouts fall 25% to £243m

FSCS issues Sipp warning as payouts fall 25% to £243m

The Financial Services Compensation Scheme (FSCS) paid out £243 million last year.

The figure, revealed in its annual report and accounts, represented an £83 million decrease on the previous year.

The £10 million rise in compensation in the general insurance sector was offset by a fall in the investment intermediation sector from £105 million to £71 million. This fall was due to declining PPI claims. 

The body received 39,258 claims over the year and it said why PPI claims appeared to have peaked, there was steady rise in more 'complex' claims. It expects this to be a continued feature for the foreseeable future.

Life and pensions was one are which saw an increase in claims, largely due to a rise in Sipp claims.

FSCS chief executive Mark Neal said:  I am [also] increasingly concerned by the growing number of claims FSCS has seen in the past year arising from wrong advice to consumers to move retirement saving out of occupational schemes and into risky assets held within Self- Invested Personal Pensions.

'We strongly support the action the FCA has taken to address this.'

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Play On the Road Challenge: horsing around on the polo pitch

On the Road Challenge: horsing around on the polo pitch

Libby Ashby takes to the polo pitch with Stuart Leigh-Davies from Redmayne-Bentley for an 'On the Road' challenge.

Brewin's Gutteridge: where Miton's Godber sees value

Brewin's Gutteridge: where Miton's Godber sees value

This week Brewin Dolphin's research head talks to George Godber, co-lead fund manager of the Miton UK Value Opportunities fund, about value investing.

Your Business: Cover Star Club

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Rathbones’ Glasgow office has only been open for three months but the team, led by Angus Kerr, has already attracted new clients

Wealth Manager on Twitter