Keydata levy to cost £440; FSCS sought legal advice

The association also reveals the FSCS sought legal advice before opting to allocate Keydata's £70m default costs to the investment intermediation sub-class, which includes many adviser firms and to which Keydata belonged. Though AIFA's £440 estimate is significantly lower than earlier claims costs could rise to £10,000 per adviser, the organisation says its members are being ‘taxed' for the failure of poorly-run organisations. AIFA says its analysis suggests the cost for full investment firms will be around £1,100. However, the average AIFA member is only exposed to investment o...