£53 million already paid on Berkeley Burke claims – FSCS

£53 million already paid on Berkeley Burke claims – FSCS

It has emerged that the Financial Services Compensation Scheme (FSCS) has already paid out £53.2 million against independent financial advisors (IFAs) involved with Berkeley Burke Sipps (self-invested personal pensions). The IFAs had advised their clients to transfer their pension funds to Berkeley Burke, but the savings ended up being invested in high risk, non-standard investments …