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Three-quarters of PPI complaints to FSCS came through claim firms

Over three-quarters of consumers submitting payment protection insurance claims to the Financial Services Compensation Scheme do so through a claim management company.

Figures from the FSCS reveal that between 2008 and 2011, the FSCS received a total of 21,575 PPI claims. From this total, 16,387 claims came from claims firms while just 5,188 were made directly by consumers.

The FSCS has paid out £77.5m for PPI claims at an average payout of £4,534. It says the uphold rate is similar, regardless of how claims are submitted, with 87 per cent of PPI complaints upheld that came from a claim firm compared with 83 per cent for direct claims.

FSCS chief executive Mark Neale says: “Claim firms take a sizeable part of the possible payout and are no more likely to make a successful claim than consumers can on their own.”



Advisers face £30m annual FSCS levy, plus possible £40m interim levy

Advisers are facing a Financial Services Compensation Scheme annual levy of £33m for 2012/13. The FSCS has today published its plan and budget for the next year, alongside the FSA’s consultation on fees and levies. The investment intermediation sub-class faces an annual FSCS levy of £33m, out of a total annual levy of £221m. The […]

Government reveals new auto-enrol staging dates

Delays to the introduction of auto-enrolment will see the scheme fully implemented three years later than originally planned. Pensions minister Steve Webb revealed the revised implementation dates last week in a written ministerial statement. Under the new staging dates, employers with more than 250 staff will see no change and will still have to enrol […]

IFS: HMRC 50p review “too narrow” for proper assessment

The review commissioned by the Treasury into the 50p tax rate will not be enough to make a proper assessment of whether to cut it or not, according to the Institute for Fiscal Studies. Chancellor George Osborne asked HMRC to look into the tax and its effects on revenues last year, HMRC is expected to […]

Court rejects Arch cru judicial review for a second time

The High Court has rejected campaigning group Justice in Financial Services’ application for a judicial review of the FSA’s Arch cru compensation package for a second time. An oral hearing was held at the Royal Courts of Justice in London this morning following the application being rejected last month. Joe Egerton, who leads JFS, filed […]

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Survey looks at the challenges facing businesses post auto-enrolment

A survey conducted by Johnson Fleming at the Pension & Benefits Show 2014 highlighted the key challenges faced within organisations post auto-enrolment. The results showed that communicating the changes and the value of them to staff, and receiving timely data from the payroll provider proved to still be the most challenging aspects of managing an auto-enrolment scheme.


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