Advisers foot £15m Square Mile compensation bill

The Financial Services Compensation Scheme (FSCS) says the firm is unlikely to be able to pay the costs of compensation, estimated at up to £15m. However, those firms in the investment intermediaries sub-class (D2) will face higher FSCS levies to cover the bill. Jonathan Clark, director of claims at the FSCS, says: "We recognise that this announcement brings more unwelcome news for firms in the investment intermediaries sub-class. "We will be in a better position to clarify the potential costs once we start processing claims, and will keep the industry informed of developments and wil...