FCA considers £1m compensation limit to increase protection for pensioners

Financial Conduct Authority to review safeguards against risk of financial firms going bust as pensioners favour drawdown products to annuitiesThe maximum compensation someone can receive if an investment company goes bust could be increased from its current £50,000 to as much as £1m, the UK’s main financial watchdog has suggested.The Financial Conduct Authority (FCA) said a rethink of the official compensation scheme relating to financial firms may be needed following the new