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

Laura Miller
clock •

The FSCS plans to hit IFAs with a proposed levy of £70m before the 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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA secures money back for victims of £1.5m crypto fraud

FCA secures money back for victims of £1.5m crypto fraud

Obtains confiscation orders against Raymondip Bedi and Patrick Mavanga

Sophia Panayi
clock 28 September 2026 • 1 min read
FOS partially upholds complaint against SJP for failing to provide annual reviews

FOS partially upholds complaint against SJP for failing to provide annual reviews

SJP failed to provide five annual reviews for client

Sophia Panayi
clock 23 September 2026 • 3 min read
FCA: Simplified advice rules update imminent; MPS review outcome set for 2027

FCA: Simplified advice rules update imminent; MPS review outcome set for 2027

Regulator's Kate Tuckley gives update

Isabel Baxter
clock 08 September 2026 • 3 min read