The FSCS has revised their levy due to the rising number of SIPP claims
The FSCS has announced a levy of £532m for this financial year which is an increase from original expectations, the increase is due to the increasing number of SIPP claims.
It was initially expected that the budget for the financial year of 2019/20 would be roughly £516m. This is an increase of £16m and including £74m of management expenses.
The levy bill for mortgage intermediaries remains the same as predicted at £4m, drastically less than last years £25m paid by the sector last year.
The rise is being put aside for the increasingly rising number of claims against SIPP providers due to the bad advice to transfer to retirement savings out of occupations schemes and into SIPPS.
Information on this article has been sourced from: https://www.ftadviser.com/your-industry/2019/04/30/fscs-levy-revised-upwards-amid-growing-sipp-claims/