Financial Ombudsman Service publishes a Discussion Paper on its future funding model
14 June 2022
The Financial Ombudsman Service has today published a Discussion Paper on possible changes to its future funding model.
We are aware of the recently announced news that Berkeley Burke SIPP Administration (BBSAL) has gone into administration.
The Financial Services Compensation Scheme (FSCS) deals with compensation claims when financial firms go out of business. The FSCS can only consider customers’ claims against a firm if it is satisfied that the firm is not in a position to pay those claims itself. As Berkeley Burke is in administration, the FSCS is now accepting claims against BBSAL.
If you already have a claim with the Financial Ombudsman Service, you don’t need to take any action at the moment. We will no longer progress existing complaints against BBSAL and will be in touch with you in due course with further information about passing your complaint to the FSCS. When the FSCS receives your file, it will contact you directly to ask you to submit your claim. There should be no need to submit all of the claim documents again.
There is more information on the FCA’s website.
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