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FSCS to pay out £0.5m for BIA endowment complaints

The Financial Services Compensation Scheme has estimated an average of £544,000 to be paid out in compensation payments on endowment-related complaints against BBB Network.

Following a further update from PwC, the FSCS says it is now aware of just over 400 potential claims against BBB Network Limited (formerly Berkeley Independent Advisers).

Of these claims, around 68 per cent relate to mortgage endowment misselling.

FSCS says because the average compensation payment for mortgage endowments is £2,000, it reckons that around £544,000 will be paid out so far in respect of these claims it is aware of so far.

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