PIMFA, which represents around 1,000 UK wealth managers and financial advisers, has called for an “urgent review” of the FSCS following yesterday’s announcement of an interim levy.

An extra £69m Financial Services Compensation Scheme (FSCS) bill will have to be footed by the retail pool as a result of pension transfer-related claims.

The FSCS is planning to levy the industry £336m for the nine months to 31 March 2019, up from the £320m levy in 2017/18, which covered a 12 month period.

The Financial Services Compensation Scheme (FSCS) is to ask financial advisers and providers to chip in an extra levy of £23.9m levy to help it cope with SIPP claims above predictions.