All the updated news related to compensation scheme

All the news related to compensation scheme updated in real time

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Financial advisers fined £1m for advice which cost customers £50m

Five men will have to pay more than £1 million between them for “reprehensively” betraying the interests of customers who went to them for financial advice, the City watchdog has said. A tribunal upheld the decision of the Financial Conduct ...

09 May 2022 at 14:25

Personal Finance

Fee cap for claims management firms comes into force

People using claims management firms will be protected from excessive amounts of their compensation being swallowed up by fees, under new rules. The changes brought into force on Tuesday by the Financial Conduct Authority (FCA) will cap ...

01 Mar 2022 at 12:55

City

Many pension savers do not know whether they have protection if a firm goes bust

Two-fifths of pension savers have never checked whether their money is protected by a body which compensates people when firms go bust. Some 40% of those saving into a pension have not checked whether their pension is protected by the ...

26 Jan 2022 at 01:26

Personal Finance

City watchdog failed British Steel pension savers, MPs say

MPs have accused the City watchdog of letting down British Steel pension savers who were ripped off by poor advice from companies they thought they could trust. The Financial Conduct Authority (FCA) did not protect the members of the ...

21 Jul 2022 at 08:45

Man who was part of Windrush generation ‘shamefully treated’ – judges

A man who travelled to Britain in 1960 when three as part of the Windrush generation was “shamefully treated” because he could not get “formal documentation of his immigration status”, senior judges have said. Three Court of Appeal ...

27 Jul 2022 at 21:44

Personal Finance

British Steel pensioners had a ‘gun to the head’ says former watchdog Bailey

The former boss of the City watchdog has said that British Steel pensioners had a gun to their head as they made one of the most complex financial decisions of their lives. Andrew Bailey, who now leads the Bank of England, told ...

14 Jun 2022 at 10:05

Personal Finance

New rules to prevent claims managers gaining if linked to past poor conduct

New rules preventing claims management companies (CMCs) from being paid to help in cases where they are connected to a customer losing out in the first place will come into force next month. The changes, introduced from July 7,...

07 Jun 2022 at 14:31

Personal Finance

Financial Services Compensation Scheme slashes levy it expects firms will pay

A lifeboat scheme which compensates customers when financial firms go bust has slashed the total levy amount that it expects will be paid by the industry. The Financial Services Compensation Scheme (FSCS) is able to pay ...

25 May 2023 at 13:06

Terror compensation system ‘broken’ and claims process ‘unfair’, say survivors

Terror attack survivors have condemned the UK’s compensation scheme in a new report. Support network Survivors Against Terror (SAT) has called for change after it found that more than half of those who responded to a ...

17 Jul 2023 at 00:01

Ads for five gold dealers banned for failing to make lack of regulation clear

The advertising watchdog has banned ads for five gold dealers for failing to make clear that the investments are unregulated and their value could vary. The Advertising Standards Authority (ASA) investigated the ads ...

20 Nov 2024 at 00:01

Infected blood probe chairman intervenes over compensation scheme

There has been a “groundswell of discontent” over the way the compensation scheme for the infected blood scandal is being managed, the judge that led the probe into the issue has said. Sir Brian Langstaff has taken ...

10 Dec 2024 at 15:57

Personal Finance

Financial lifeboat scheme expects to pay £363m in compensation in 2024-25

A financial lifeboat scheme has said it expects to pay £363 million in compensation during 2024-25. The Financial Services Compensation Scheme (FSCS), which is funded by the financial services industry, said the ...

23 May 2024 at 10:25

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