Category: SIPP

FCA has demanded information about business activity

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The FCA has demanded Sipp providers give information about their business activity by Thursday 8th November 2018. The demands followed the watchdog’s Dear CEO letter to Sipp operators last week to shine light on High Court claims against Sipp providers Berkeley Burke and Carey Pensions. The letter details the expectations of Sipp providers in regard […]

Lifetime SIPPS Company Compensation Claims

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‘220 claims against collapsed Lifetime SIPPS Company were received by FSCS within the last 2 months!’ The Financial Services Compensation Scheme has received a staggering 220 claims against collapsed Lifetime Sipps Company, a provider of personal pensions, within the last two months. Over £56 million in compensation claims have been received condemning the SIPP provider, […]

The Financial Services Compensation Scheme

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The Financial Services Compensation Scheme (FSCS) paid out a staggering £405 million to 69,980 customers of defaulted firms last year. The figures, first published in the lifeboat fund’s annual report and accounts, represent a £30 million inflation from 2016/17. Claims regarding Sipps continue to balloon, increasing from £105 million to £112 million across the year, a […]

FSCS details SIPPS claim conditions

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Personal pensions and annuities are often thought of as investment products. In reality, they are usually long-term insurance contracts. That means, were the firm providing the annuity to fail, the FSCS limit for long-term insurance would apply, providing protection to 100% of the claim, with no upper limit. Most types of claimants are eligible to make […]

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