Source · Select Committees · Public Accounts Committee
Recommendation 16
16
Many BSPS members have not received the full amount of compensation owed to them due...
Conclusion
Many BSPS members have not received the full amount of compensation owed to them due their advisers being unable to pay compensation. The FCA imposes limits on the compensation awarded by both FOS and FSCS, and the FSCS’s compensation limits are significantly lower.52 This unfairly impacts those whose advice firms have entered insolvency, and in total BSPS members have lost £21 million in compensation due to FSCS’s financial limits.53
Government Response
A response document is linked to this report, dated 14 October 2022. Response attribution to this conclusion has not been verified. Read the response document ↗