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The Latest Breaking News from FSCS

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

Surplus funds have helped to offset the 2024-25 levy on firms, the Financial Services Compensation Scheme said.

The Independent UK

HSBC fined £57m over ‘serious’ deposit protection failings

Regulator says bank failed to properly implement Financial Services Compensation Scheme

The Guardian - UK

Losing interest in your bank? Plum is a finance app where your spare cash could earn 5.00% VAR

With Plum you could benefit from any rises in the interest rate set by the Bank of England

The Independent UK

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As savings rates soar, how to check up to £85,000 of your money is protected

We explain everything you need to know about the Financial Services Compensation Scheme (FSCS) and how to check if your bank is authorised

Daily Mirror

Financial Services Compensation Scheme slashes levy it expects firms will pay

The levy enables the FSCS to continue to provide a compensation service to customers.

The Independent UK

My most memorable day at work: helping a terminally ill customer put her financial affairs in order

As financial services operations manager at FSCS, Ruth Harknett often hears from people in distress, but one particular compensation case stands out where time was of the essence

The Guardian - UK

‘Menopause is a life stage’: the workplaces where it’s no longer a taboo

With women over 50 the fastest growing demographic in the workplace, it’s no wonder an increasing number of employers are putting frameworks in place to support staff going through the menopause

The Guardian - UK

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Why Bank of England is looking to bolster UK protections for savers

Governor has played down repeat of 2007-08 financial crisis but review of payout policy points to unhappy memories

The Guardian - UK

Royal Mint sees jump in gold investments amid wider market uncertainties

The coin maker said gold investments have been driven by Generation Z and Millennials

Birmingham Post

Michelle Mone's husband's firm loses veterans thousands from pension funds

Former armed force members were advised to move their money to Financial Provisions Solutions, majority owned by Doug Barrowman, the husband of Glasgow Tory peer Michelle.

Glasgow Live

Army veterans left out of pocket after advice from firm owned by Michelle Mone's husband

Army veterans lost thousands after moving saved money to Financial Provisions, majority owned by Doug Barrowman’s Isle of Man business Knox Ltd, with thousands paid out

Daily Mirror

Michelle Mone's husband's company loses thousands from veteran's pensions

One 54-year-old, who fought in Iraq, lost £168,000 when he moved money from his final salary to Financial Provisions Solutions.

Daily Record

Couple forced to sell home after mortgage 'ruined their retirement' plans

A retired couple say they ran into trouble with their Northern Rock mortgage when they discovered their homeloan was not what they thought, leading three MPs to step in

Daily Mirror

Bristol pensions provider goes into administration on orders of Financial Conduct Authority

Hartley Pensions was instructed by the UK's financial regulator to stop conducting new business earlier this year

Bristol Post

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Birmingham Post

Hartley Pensions enters administration at request of Financial Conduct Authority

Directors at the Bristol-based self-invested personal pension provider have acknowledged the company is now insolvent

The Independent UK

Pre-paid funeral plan providers held to new FCA standards from Friday

All authorised providers will need to follow new rules, which include a ban on cold calling.

The Guardian - UK

Will my home sale proceeds be protected in my bank account?

Conveyancer will only deposit funds into one account and I may need time to divvy it up elsewhere

Daily Mirror

Dad lost £102,000 life savings after receiving ‘negligent’ pension advice

Paul, 43, from Bournemouth, was convinced into moving his entire retirement pot into an overseas scheme by an independent financial adviser - but he lost it all after his cash was put into high-risk investments

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Daily Mirror

Simple mistake costing millions of savers hundreds of pounds - how to fix it

Four in five easy-access savers still have money put away in an account paying less than 0.1% interest, according to new research - despite the top-paying account offering 1.5% right now

Liverpool Echo

Money Saving Expert advice on Premium Bonds and whether to invest

They are the UK's biggest savings product, with more than 21 million people saving over £117 billion in them

Birmingham Post

British Steel pension savers suffer losses, new report reveals

Many have not been fully compensated having opted to transfer out of original scheme after being given unsuitable advice by third parties

Insider UK

1,820-member Strathkelvin Credit Union declared in default

Total compensation amount expected to be around £1.96m

Daily Mirror

Dad wins £85,000 payout after being handed wrong pensions advice

The father-of-two moved his pension into a new pot following expert advice, but was then asked to pay numerous administration fees and lost thousands in interest payments

Daily Record

Quick way to check if your pension pot is protected if the firm goes bust

There is an online tool that can indicate whether your retirement savings are safe.

The Independent UK

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

Some 40% of those saving into a pension have not checked whether their pension is protected by the Financial Services Compensation Scheme.

People

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