PIMFA DISAPPOINTED TO LEARN OF SUPPLEMENTARY COSTS TO BE LEVIED ON MEMBERS BY FSCS

Liz Field, Chief Executive of PIMFA, commented: “PIMFA are particularly disappointed to learn that further supplementary costs will be levied onto our membership to fund the failure of other firms.

“This means more customers have been let down and had no choice but to use the compensation scheme. These costs are a particularly bitter pill to swallow given the ongoing COVID-19 crisis and the impact that it continues to have on the viability of a number of businesses that make up our membership.

“Whilst we strongly support the role of the FSCS in protecting customers, this latest increase further underlines the need to urgently get these costs under control.”

Notes for Editors

About PIMFA – the Personal Investment Management & Financial Advice Association

· PIMFA is the trade association for firms that provide investment management and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.

· The sector currently looks after £1.5 trillion in private savings and investments and employs over 55,000 people.

· PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families, to charities and pension funds, all the way to trusts and companies. Associate members provide professional services to the PIMFA community.

· PIMFA leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.

· PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991 – read more.

· Further information can be found at www.pimfa.co.uk

Contact

For further information on this release or other press matters please contact:

· Matthew West, PIMFA PR Manager – MatthewW@pimfa.co.uk, +44 (0)20 7382 0376 / +44 (0) 7843 903258
· Sheena Gillett, PIMFA Communications & PR Director – sheenag@pimfa.co.uk, +44 (0)20 7011 9869 / +44 (0)7979 493225