The Independent Life Offices Group says it is prepared to provide AIFA members with valuable financi...
The Independent Life Offices Group says it is prepared to provide AIFA members with valuable financial support and pay the bulk of money required to go into the Financial Services Compensation Scheme.
After months of negotiations, the AIFA has struck a deal with ILOG who has agreed to continue their financial support and pay an 85% subsidy of IFA contributions required by intermediaries.
IFA firms are required to make full payment of the £56.4m FSCS levy to the FSA by 25th July, says Paul Smee, director general.
The subsidy scheme will be dealt with separately and administered by PASS Fees, who will send forms by post to all eligible IFA from mid-July.
The FSCS levy falls due on 25 July and firms are required to make the payment to the FSA in full by that date.
The subsidy scheme will be administered by PASS Fees Ltd, who will be mailing forms to all eligible IFAs in the middle of July.
Partner Insight: For Blackfinch, the arrival of its IHT portfolio services was a 'natural evolution' in the group's offering and points to an established track record of returning cash to investors.
Senior Managers Regime
Interest rate outlook unchaged
FCA made demands last week