More than two thirds of the £3.2m in compensation owed to investors of Hartmann Capital has been paid out after the firm was shut down by the Financial Conduct Authority for having a £1.5m shortfall in clients’ money.
The Financial Services Compensation Scheme paid out £327m in compensation to British consumers over 2014/15, a significant rise from the previous year after payments for SIPP-related claims made against financial advisers soared by 50%.
The boss of the Financial Services Compensation Scheme has urged financial advisers to help the regulators identify ways of making the allocation of levies fairer.
An urgent review is needed to avoid “unreasonable” regulatory costs and levies on UK-based financial advisers, according to the Personal Finance Society.
UK-based life and pensions advisers are going to be hit with an annual levy that will almost double what was forecast in the Financial Services Compensation Scheme’s plan and budget.
A Scottish-based wealth management firm has gone bust after it was unable to pay back clients who were mis-sold high risk investments, and customers are now turning to the Financial Services Compensation Scheme to get their money back.
UK-based advisory giant Sesame has confirmed that Intrinsic is its preferred network partner for investment advisers who decide to leave the network.
A surge in complaints about bad SIPP advice has led the Financial Services Compensation Scheme to lay down a £20m interim levy on life and pensions intermediaries.
UK consumers who suffered investment losses after being advised to transfer funds into a self-invested personal pension (SIPP) can now claim compensation for the value of their investment.
Financial advisers have so far paid £52m in damages for recommending products from failed life settlement provider, Keydata Investment Services.
UK pensions advisers have been hit with a potential increase of £24m in their levy to the Financial Services Compensation Scheme (FSCS) for the next financial year.
The UKs financial regulators have proposed a £5.5m ($8.3m, 7.2m) decrease in the Financial Services Compensation Schemes (FSCS) running costs.
