The Investment Management Association (IMA) is considering bringing a judicial review of the FSCS interim levy on behalf of its members, in the same week IFAs have erupted in open revolt over the issue.
A spokesperson for the IMA says the organisation is in talks with the FSA, the FSCS and lawyers about the levy which has hit fund managers for £233m.
An IMA-led judicial review is "under consideration" but the spokesperson would give no further details for fear of jeopardising talks with the regulator.
The move comes as investment advisers, who are outraged at being forced to pay £93m of the £326m interim levy, have organised an FSCS Levy Action Group to fight the bill.
Compensation costs linked to the failure of Keydata was the primary cause of the huge rise, the FSCS says, as well as other intermediary firms and stockbroker Wills & CO.
Meanwhile, the Association of Private Client Investment Managers and Stockbrokers (APCIMS) says it is organising a meeting between its members and the FSCS "as soon as possible" to discuss the levy.
A spokesperson says APCIMS is trying to get the FSCS to allow firms longer than the current 30 days to pay their bill.
"The process could have been handled better. The FSCS have never levied such a large amount and we are just trying to deal with it for our members," she says.
‘Important to have an anchor’
Report to be written by TPR
Lack of innovation for solutions
Some 2,000 consumers affected