Compensation Bill Rockets Again for Financial Services

The Evening Standard (London, England), January 21, 2014 | Go to article overview

Compensation Bill Rockets Again for Financial Services


Byline: Simon Read

FINANCIAL services firms will have to stump up an extra PS28 million next year to cover the cost of compensating customers of companies that go bust.

Investment intermediaries were also hit with a more immediate cash demand, with the Financial Services Compensation Scheme warning they will be asked to hand over an extra PS30 million before the end of the current financial year.

'Our is to a wellunderstood The demands came in the FSCS's 2014/15 budget, published today, notifying finance firms of the 17% increase in the annual levy from PS285 million to PS313 million.

and scheme customers' The continuing high numbers of mis-sold payment protection insurance claims will lead to a 20% increase in compensation payouts next year, the FSCS predicted. General insurers will be asked to pay PS62 million towards the scheme next year, mainly to cover the cost of the PPI claims.

The levy for life and pensions advisers will triple from PS13 million to PS40 million as pension claims, particularly related to self-invested personal pensions, are expected to rise. …

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Compensation Bill Rockets Again for Financial Services
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