In the end, the long-awaited judicial review into the FSCS's decision to levy advisers for compensation costs relating to the collapse of Keydata was over in a day.
A judgement will not be reached for a month, but a hearing in Birmingham that was expected to span at least two days was over after just two sessions. Lawyers representing a number of adviser firms, including Southampton-based ABS Financial, accused the compensation scheme of allocating Keydata claims to the investment intermediation sub-class without consultation, and of ignoring calls for a review into its decision. Earlier this year, investment advisers were forced to contribute to a £58m levy to meet compensation costs arising from claims against Keydata Investment Services, Squar...
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