The judicial review into the additional £80m levy for intermediaries has little chance of succeeding because the FSCS's decision - whilst smacking of unfairness - is technically legal, says Adviser Alliance.
Law firm Regulatory Legal issued its judicial review into the compensation scheme's decision to impose a £58m levy on the intermediary subclass at Birmingham Administrative Court on Friday, 30 April. The controversial levy is broken down into £58m to compensate clients from Keydata, Pacific Continental Securities and Square Mile Securities with another £22m relating to Lehman Brothers-backed structured products. Regulatory Legal's David Emery-Jones said 217 firms have signed up to its campaign. Membership costs £200 plus VAT for firms with less than five registered individuals (RIs) a...
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