A law firm preparing a legal challenge to an FSCS decision to levy advisers for a number of high-profile investment failures says it needs the backing of 1,000 IFAs to succeed.
Regulatory Legal will press ahead with legal proceedings in its fight to overturn the compensation's scheme's decision to impose a £58m levy on the investment intermediary sub-class, a judgement confirmed by the FSCS this week. The interim levy relates to the failures last year of Keydata and stockbrokers Pacific Continental Securities and Square Mile Securities. Including £22m worth of structured product-linked failures, the total levy is £80m. Regulatory Legal partner Gareth Fatchett says the judicial review is now firmly back on the agenda following rumours the FSCS would renege o...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
