FSA told to help IFAs meet 'unexpected' £40m levy

According to AIFA, advisers will bear the brunt of an FSCS decision to place stockbroker Pacific and Continental Securities (PCS) into default. It says PCS sits in the 'investment intermediation' subclass of the compensation scheme which many IFA firms have exposure to. AIFA director general, Chris Cummings, says the levy will be part of the annual FSA's fees and that the combined impact of these fees and falling revenues will put members under severe financial strain. The FSCS has confirmed around 4,500 people may be eligible for compensation of up to £48,000 each, with current estim...