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Pass set to lend £5m for FSAVC payouts

The Pension Advisers Support Scheme expects to loan IFAs £5m to meet

compensation payments for the FSAVC review.

Similar loans for the pension review totalled £30m, according to chief

executive Mark Penton.

Pass estimates IFAs will have to pay out an average of £2,500 in

compensation for each FSAVC case but it predicts most smaller IFAs will

have to offer redress to no more than five cases.

Pass is setting up a fund which will lend money to IFAs who have to

compensate clients. The fund, designed along the lines of its pension

review loan scheme, will be available to the 4,500 IFAs on its books.

Pass is waiting for the FSA to instruct the Investors&#39 Compensation Scheme

on how to deal with the FSAVC review before it finalises plans for the fund

which it hopes will be operating by the end of the year.

The first part of Pass&#39 IFA guide to handling the review, due out at the

end of this month, will help identify which FSAVC clients are affected.

Subsequent chapters will cover mailing investors, compliance, loss and

redress.

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