"It would've paid the wages" Firms count cost of Keydata levy

Scott Sinclair
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Investment advisers are this week counting the cost of a controversial £80m FSCS interim levy to cover the collapses last year of Keydata Investment Services and two stockbrokers.

While the per-firm levy varies according to the number of approved persons (APs) and the proportion of investment business written, some small advisers have been hit with bills approaching £4,000. Last week, the FSCS confirmed the one-off duty, which comes on top of the compensation scheme's annual charge, will be applied to its investment intermediation sub-class, which includes thousands of adviser firms. This was despite widespread opposition from advisers, who said Keydata in particular marketed itself as an investment manager, not an intermediary, and argued the levy should be ...

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