View more on these topics

Compensation scheme pays out £33m for IFA failures

The Financial Services Compensation scheme has paid out more than £33m to consumers as a result of claims on failed IFAs over the past financial year.

In 2008/09, the FSCS received 8,730 claims against IFAs and found that 3,640 justified compensation totalling £33,095,000.

Over 2008/09, the FSCS had just 54 claims against mortgage intermediaries and it deemed only 13 cases suitable for compensation, which totalled £335,700. In 2007, the FSCS paid out no compensation on mortgage intermediary failures.

Norwest Consultants principal Harry Katz says: “How many of these firms are still trading under a different entity and why is it allowed? The companies accused do not pay this levy, guys like me do.”


Lincoln scraps annual admin fee

Lincoln Financial Group has removed the £100 annual admin fee on its retirement product Lincoln i2Live.

Light in the East

It is to be expected that markets run out of puff during a holiday period. The whole basis of sell in May and go away is predicated on wealthy landowners, who owned the bulk of shares in days of yore, closing up their London houses and retiring to the country for the season. Easter may not be quite such a vacational imperative but the streets of the City are undoubtedly quieter and it is not just the recession.

No fee for active Sipp clients

Hargreave Hale is offering a Sipp with no annual charge for active investors. Investors must generate over £250 commission a year to be eligible for the product. Pension admin will be outsourced to Dunstan Thomas.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm