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’ …

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 …