FSCS levy decision 'outrageous', say IFAs

The FSCS’s Plan and Budget 2007/08 reveals the A13 contribution group – brokers not holding client money – will face a total levy of £42m in 2007/08 compared with £47.1m in 2006/07. Loretta Minghella, chief executive of the FSCS, says the levy remains at a high level because the organisation expects to receive continued high levels of endowment claims. But 79 (54%) of the 147 people who responded to an IFAonline straw poll asking what they though about the decision said it was “outrageous”. A further 56 (38%) said the decision was “typical of a regulatory body”, while eight (5%) thoug...