Pensions - Articles - PIMFA welcomes reduction in FSCS levy but reform needed

 Tim Fassam, Director of Government Relations and Policy at PIMFA comments: “Clearly a reduction in the original levy forecast is good news for firms. However, the number outlined by the Financial Services Compensation Scheme (FSCS) today is still too high, while predictions that much of the pain resulting from failed Self Invested Personal Pensions will be felt next year is of little comfort to our firms.

 “We have set out a roadmap towards lower levies in the long term and are urging Government and the Regulator to work with us and the rest of industry to create a sustainable solution, which ensures that future levy costs, individual failures and ultimately poor consumer outcomes are consigned to history.”