An £11,000 FSCS bill to help cover the costs of claims against failed investment businesses including Keydata has forced one IFA to increase his hourly rate.
Sam Caunt, partner at Northampton-based IFA Kingston PTM, says he has added £7.50 to his per-hour charge. He based this figure on the last two FSCS interim levies - a total of £17,000 for Kingston PTM - and added that to a worst-case estimate for this year. His latest £11,000 bill is part of a total £93m interim levy on the FSCS's investment intermediation sub-class, which includes thousands of adviser firms. Caunt says: "I estimate that we may have to recover some £35,000 by the end of 2011, so how do we budget for next year? "We do everything we can for our clients and then ...
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