Updated Tuesday, 10.45am: FSCS requires additional compensation cost of £15m, and £5m to manage them
Investment intermediaries have been warned they may have to pay higher levies to the Financial Services Compensation Scheme from next year as a result of increasing endowment and precipice bond compensation. Information released by the FSCS suggests the compensation scheme seriously underestimated the amount required to both manage the scheme and cover the cost of compensation when it announced its current levy in March this year. Fresh information from the FSCS this morning (6/7/04) also suggests another £15m is needed to cover the additional costs of compensation as the number of en...
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