All advisory firms face the prospect of an interim levy from the Financial Services Compensation Scheme (FSCS) in 2015-2016 following a swell of claims related to self-invested personal pensions (SIPPs).
The scheme said life and pension intermediaries' contribution to the FSCS levy for 2015-2016 is anticipated to be £100m, an increase of 75% on the £57m the scheme forecast it would collect in January. It also represents the total amount that can be levied on the group before other 'funding classes', such as investment intermediaries, are required to pay the difference. Investment advisers will contribute £116m to cover expected claims, 9% lower than the £125m anticipated in January. FSCS final levy 2015-2016 (selected classes) Funding class Final levy (2015-2016) £m Indicat...
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