Investment advisers' annual fee to the Financial Services Compensation Scheme (FSCS) will jump to an estimated £96m in the coming financial year, compared with just £8m last year.
The FSCS today says firms in its D2 sub-class for investment intermediation businesses will pay a projected £58m in 2009/10, consisting of an initial £30m and an estimated £28m "possible later in 2009". It says the increase relates to revised assumptions about claims against investment brokers, including Pacific Continental Securities (PCS) and Square Mile Securities (SMS), in 2009/10. However, the FSCS also announced today an interim levy of £38m for D2 firms relating to claims made in 2008/9 against PCS and SMS. The interim levy will be collected in early summer, the FSCS says, taki...
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