FSCS announces intermediaries levy: FSCS has announced a £20 million levy on life and pensions intermediaries. The interim levy is necessary as a result of the costs and volume of claims relating to bad advice by financial advisers to transfer funds from existing pension schemes into self-invested personal pensions (SIPPs). In many cases the SIPP fund was then invested in non-standard asset classes which have become illiquid. Affected intermediaries must pay the levy soon and FSCS will announce the 2015/16 annual levy in April. (Source: FSCS Announces £20 million Interim Levy on Life and Pensions Intermediaries)