FSCS hits IFAs with £70m levy before end of March

The 2009/10 ‘investment intermediation' levy will be brought in before the 31st of next month to cover significant additional costs arising from new defaults, including Keydata Investment Services, the FSCS says. Default costs arising from the failure of Pacific Continental Securities and Square Mile Securities have so far amounted to £27m, the FSCS says. Keydata Investment Services and other investment claims expected in the year are forecast to cost £43m. Loretta Minghella, chief executive of the FSCS, says: "We are experiencing a steep rise in investment claims this year that will...