The FSCS has trimmed £6m off its earlier estimates for investment advisers' annual levy and the amount will instead be paid by the life and pensions intermediation sub-class.
In an update, the FSCS said its 2011/12 annual levy for the investment intermediation sub-class had dropped from £40m to £34m. The FSCS had projected the £40m figure in its Plan and Budget, published in February but the costs have now been allocated to the life and pensions intermediation sub-class. Its levy for that class has increased from £10.5m to £21.5m as a result, and to cover what the FSCS expects to be a continuing flow of mortgage endowment and pensions claims. The FSCS says: "The increase in the compensation costs, and hence the levy for this sub-class [life and pensions...
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