Advisers have 30 days to pay £93m FSCS interim levy

Including firms in the investment fund management sub-class, the total interim levy for 2010/11 will likely hit £326m. This will be made up of £7m management expenses and £319m compensation costs. The FSCS is raising the levy, which comes on top of its annual levy, to cover the costs of claims against Keydata Investment Services, Wills & Co and other investment intermediary firms. About £247m of the costs are for claims against Keydata. The FSCS says the company's collapse represents the biggest investment failure it has ever dealt with. According to the FSCS, a levy of £96m wil...