FSCS expects thousands of SIPPs claims

FSCS expects thousands of SIPPs claims

The Financial Services Compensation Scheme (FSCS) is expecting to face thousands of claims for mis-sold pensions after a major administrator went into administration. GPC Sipp administered 3,200 SIPPs and another 50 Small Self Administered Schemes (SSAS pension trusts) with an estimated investment value of £130 million. Insolvent But it became insolvent after several ‘alternative investments’ …

CMA calls for evidence of mis-selling leaseholds

CMA calls for evidence of mis-selling leaseholds

The Competition and Markets Authority (CMA) has launched a wide ranging appeal for evidence of the mis-selling of leasehold properties. The regulator is investigating leaseholds after MPs and consumer groups voiced concerns that some leasehold contracts were unfair allowing high fees and imposing difficult terms. Key areas The investigation will probe two key areas which …

Building societies defend higher multiples

Building societies defend higher multiples

Britain’s building societies have defended their decision to offer mortgages with higher income multiples, despite criticism by the Bank Of England. Sam Woods, chief executive of the Prudential Regulation Authority (PRA) had warned that heightened competition pressures in the current mortgage war has led to lenders making ‘a material move up the risk curve’ by …

Concern over ‘no advice’ pension withdrawals

Concern over ‘no advice’ pension withdrawals

Experts are becoming concerned at the number of people accessing their pensions without taking any advice. Analysis of the sector by the Association of British Insurers (ABI) has revealed that only a third of people who withdrew money from their pensions in 2018 took any kind of financial advice. Greater risks ABI director Yvonne Braun …