FSCS hits pension advisers with £20m interim levy

The compensation scheme said mounting costs and the volume of claims relating to bad advice to transfer funds from existing pension schemes into SIPPs was behind the interim levy. A note to the stock exchange said, in many cases the SIPP fund was then invested in non-standard assets which have since become illiquid. These include some with investments in offshore property schemes, it added. Firms in the life and pensions sector will begin to get invoices for their share from 23 March. The FSCS said they have 30 days to pay the invoice or can use existing credit facilities to spre...