Firms in the FSCS's investment intermediation sub-class are likely to have to pay an interim levy of £93m in just 30 days, to cover the cost of claims against investment firms including Keydata.
Including firms in the investment fund management sub-class, the total interim levy for 2010/11 will likely hit £326m. This will be made up of £7m management expenses and £319m compensation costs. The FSCS is raising the levy, which comes on top of its annual levy, to cover the costs of claims against Keydata Investment Services, Wills & Co and other investment intermediary firms. About £247m of the costs are for claims against Keydata. The FSCS says the company's collapse represents the biggest investment failure it has ever dealt with. According to the FSCS, a levy of £96m wil...
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