PensionsOct 15 2020

Read it now: Another firm falls into FSCS & Sanlam defends fee hike

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Read it now: Another firm falls into FSCS & Sanlam defends fee hike

Yet another firm has gone under and fallen into the Financial Services Compensation Scheme, Financial Adviser can reveal.

At a time when the whole industry is uniting to find ways to mitigate the ever-rising FSCS compensation levy and to prevent claims from reaching the financial lifeboat, the news that the FSCS has received claims relating to self-invested personal pensions from Rex Financial Services came as another blow.

One Sipp claim has already been paid to one of the former clients, to the tune of £3,363. 

Earlier this year, Mr Sipp himself - John Moret - called for a long-stop to be implemented on Sipp claims that stretched back more than eight years, before the Financial Conduct Authority tightened up the rules on qualifying and non-qualifying Sipp investments.

However, as commentators told Financial Adviser this week, any hopes that a long stop might be reinstated are false hopes. 

Elsewhere in the paper, Sanlam's chief executive Jonathan Polin defended the company's decision to raise its fees earlier this year for its adviser firms, saying this would bring the company in line with the market. 

Also in Financial Adviser the plight of the UK's 4.5m renters was laid bare, with high levels of indebtedness, low levels of personal savings and an ever-widening protection gap.

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Until we meet again in person, take care

Simoney Kyriakou

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