More than three quarters of advisers in the UK support the introduction of a risk-based Financial Services Compensation Scheme (FSCS) levy, according to a new survey from platform provider AJ Bell.
Harlequin Property SVG, the company behind the £400m ($509m, €454m) overseas property scheme, has officially entered insolvency proceedings, a decision likely to result in hefty losses for thousands of investors.
The head of the UK’s Financial Services Compensation Scheme (FSCS) has called for the £50,000 ($64,907,€57,770) limit on payouts for clients who receive bad financial advice to be scrapped.
Nearly eight out of 10 (77%) UK advisers believe that product providers should contribute towards the cost of the Financial Services Compensation Scheme’s (FSCS) levy on intermediaries.
Complaints about self-invested personal pension schemes (Sipps) had the highest success rate of any product looked at by the UK’s Financial Ombudsman Service (Fos) in the first quarter of this year.
Payouts to UK consumers, aggrieved by poor life and pensions advice, have more than doubled due to an increase in high risk Sipp investment claims, new figures from the Financial Services Compensation Scheme (FSCS) show.
In further industry reaction, a number of key players in financial services have reacted positively to the FAMR report’s positioning in favour of a fee-based only RDR regime, with no re-introduction of commission as remuneration for financial advisers.
Firms authorised by the UK’s Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) will have to collectively pay £363m ($518m, €475m) to fund the Financial Services Compensation Scheme (FSCS) in 2016/17, an increase of 13.1% from £319m in 2015/16.
Levies set by the UK’s Financial Services Compensation Scheme (FSCS) hit an all-time high in 2015, with many firms concerned that they have reached unsustainable levels, according to APFA.
Some UK financial adviser firms are delegating the entire regulated activity of providing advice to unregulated third parties, according to the Financial Conduct Authority (FCA).
Investors of ARM Asset Backed Securities are now able to make successful claims against failed independent financial advisers (IFAs) if it can be proven they gave negligent advice.
Claims brought against financial advisers who gave tax advice on “complex” investments such as film partnerships are to be reviewed by the UK’s Financial Services Compensation Scheme.
