Financial Services Compensation Scheme chairman Marshall Bailey has said the rising levy does not mean progress has not been made to address this issue.

Bailey, who has just been re-appointed as chairman for a second term, acknowledged the FSCS levy had doubled since he joined the lifeboat scheme in 2018, and that forecasts show it will continue to rise.

He said this shows that the problem with poor advice given by bad players in the profession is “far from over”, despite him raising these concerns early into his first year as chairman.

But he reiterated that this did not mean no progress has been made, saying advisers and others in the industry must appreciate there is a “lag in the system”.

Bailey said: “A significant proportion of the claims we see relate to advice given many years ago, so our hard work is not in vain, but there is more to do. 

“It has been rewarding to see our strategy naturally evolve during its first two years, and we…

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