The per-firm impact of the controversial £58m FSCS interim levy has been highlighted by figures showing more than 450 IFAs opted to pay their share in instalments rather than as a lump sum.
A repayment scheme spreading the levy over 15 weeks was offered by Tenet to its 674 appointed representative (AR) firms, and the IFA support group says it saw a near-70% take-up. The move suggests a large number of firms were unable to swallow the charge - which for some small businesses was more than £5,000 - in one go. The £58m interim levy will cover compensation costs arising from the failures last year of Keydata Investment Services, Pacific Continental Securities and Square Mile Securities. It fell on the FSCS's investment intermediation sub-class of firms, angering advisers ...
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