The Financial Services Compensation Scheme (FSCS) has hit investment advisers with a £105m levy for 2014/15, an increase of 34% on the last levy.
This is up from last April's figures when the FSCS said it would levy a £78m bill on investment advisers in 2013/4, with failed firm Keydata highlighted as one of the main cases contributing to the overall bill. The FSCS blamed the increase announced today in part on compensation claims triggered by the collapse of ARM traded life settlement distributor Catalyst. The levy for life and pensions intermediaries was also up by £27m, from £13m last year to £40m for the coming period. The FSCS said this was because the level of claims it is receiving "indicate a rising trend". Elsewhere ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes