Financial Conduct Authority  

Multi-million pound levy and a 6-month Fos delay: the week in news

The source said the wait times were specifically related to defined benefit transfer cases and warned once a complaint was allocated it could take "many more" months before an initial decision was reached. 

5 Advisers face share of £46m interim levy

The Financial Services Compensation Scheme warned advisers this week they will have to pay their share of a £46m interim levy this year in light of rising pension advice claims. ​​​​

The life-boat fund confirmed there was a high risk the life distribution, pensions and investment intermediation funding class would need to pay an increased levy in this financial year, pointing to "more complex and more expensive" pension claims and a number of high profile investment failures for the additional costs. 

The additional £46m includes a contribution from providers in the sector and reflects a jump of £44m in the compensation FSCS expects to pay out this year.

rachel.mortimer@ft.com 

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