Law firm Regulatory Legal says it has now raised enough funds to mount a judicial review into the FSCS's decision to impose a £70m additional levy on the investment intermediary subclass, following the collapse last year of Keydata and two stockbrokers.
Partner Gareth Fatchett says the company's campaign to fight the levy now has the backing of 150 firms, with more than 500 in total expressing an interest. As a result, the movement has amassed a £30,000 war chest to mount a challenge - membership of the campaign group costs £200 for businesses with less than five registered individuals (RIs) and £300 for those with five RIs or more. "We have enough funding to be viable - if we have to take legal proceedings our budget allows for that," Fatchett says. But he is hoping legal action will not be necessary following an apparent u-turn by...
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