Redress Scheme Budget Rises To £95M Amid Complex Claims

By Martin Croucher (January 12, 2022, 1:36 PM GMT) -- The financial services lifeboat program said on Wednesday that it will have to raise £95.5 million ($130 million) from a levy on the sector in the next financial year to cover its operating expenses, as it warned of a growing number of costly pension advice claims.

The financial compensation program has said it will have to raise £95.5 million ($130 million) in the next financial year as it handles "more complex claims with higher processing costs." (iStock) The Financial Services Compensation Scheme said that its annual management expenses would be 5% higher than the £90.5 million it raised in the 2021...

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