Pensions - Articles - SIPP claims rise as FSCS levies an extra £36m

 Commenting on today’s announcement from the FSCS regarding levies for 2017/18, Steven Cameron Pensions Director at Aegon said:“Today’s announcement regarding further increases in FSCS levies for life and pensions intermediaries highlights how important it is to overhaul the sharing of compensation costs across all industry players alongside a greater risk-based focus. With the £100m levy cap on life and pensions intermediaries being exceeded for the first time, there will be some sharing across other categories in the retail pool but more needs to be done to avoid overburdening the wider population of intermediaries.

 With the prospect of growing and volatile fees caused by claims often generated by a very small number of firms, the FSCS needs to be both forensic in identifying causes, but fairer in sharing compensation across the whole industry including providers, fund managers and intermediaries. Today more than ever, individuals need access to professional advice and intermediation as they take on greater personal responsibility for their financial futures.”