Adviser Alliance founder Alan Lakey says the £70m additional levy imposed on intermediaries for the failures of Keydata and two stockbrokers "goes against the spirit of the law" - but is confident the FSCS will re-think its decision.
Lakey says Adviser Alliance has been in contact with the FSCS and is hopeful its action, alongside the work of law firm Regulatory Legal, AIFA and the IFA Defence Union, will make a compelling case to overturn the proposal. Last week, the FSCS sent a letter to Regulatory Legal - which has launched a campaign to fight the levy - saying it had not reached a decision on who will carry the can for the failings of Keydata and stockbrokers Pacific Continental Securities and Square Mile Securities. It invited the firm to make representations on behalf of its adviser clients by 15 March. ...
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