Rathbones stung for £3.6m in FSCS levy

The fund manager says it has now received an interim levy invoice of £3.2m from the FSCS due to the failure of Keydata and other intermediaries. This will push its total FSCS levy charges to £3.6m for the financial year ending 31 December 2010, it says. The compensation scheme attributed compensation claims related to the failure of investment firm Keydata to its investment intermediary, D2 sub-class. However the related costs were so high they breached that class' £100m limit, creating an over-spill into the fund management sub-class, D1. The £326m total FSCS fee has been spli...