Advisers renew calls for product levy to ease FSCS pain

  Few things are as unwelcome to advisers as an interim levy from the Financial Services Compensation Scheme (FSCS). Over the years, firms have been billed for hundreds of millions of pounds to cover the unexpected costs of compensating customers in failed investment businesses, and that's on top of the annual levy the scheme bills for expected failures. Firms' gripes converge on a single issue: fairness. Why, advisers argue, should they be billed for others' failings or errors? Advisory businesses have been hit in two ways: when investment firms have collapsed having been contr...